NEW ORLEANS, April 05, 2022 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 6, 2022 to file lead plaintiff applications in a securities class action lawsuit against Rivian Automotive, Inc. (NasdaqGS: RIVN), if they purchased or otherwise acquired the Company’s shares between November 10, 2021 and March 10, 2022, inclusive (the “Class Period”) and/or pursuant or traceable to its November 2021 initial public stock offering (the “IPO”). These actions are pending in the United States District Court for the Central District of California.
What You May Do
If you purchased shares of Rivian as above and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-rivn/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 6, 2022.
About the Lawsuit
Rivian and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that the Company’s R1T electric pickup truck and R1S electric SUV products were underpriced to such a degree that the Company would have to raise prices shortly after the IPO, which could tarnish its reputation as a trustworthy and transparent company and potentially jeopardize sales for the existing backlog of 55,400 preorders as well as future preorders. As a result, the price of the Company’s shares was artificially and materially inflated at the time of the Offering and declined when the truth was subsequently revealed.
The first-filed case is Crews, Jr. v. Rivian Automotive Inc., et al., No. 22-cv-1524.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163
