NEW ORLEANS, April 26, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 6, 2022 to file lead plaintiff applications in securities class action lawsuits 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.
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Rivian investors should visit us at https://claimsfiler.com/cases/nasdaq-rivn/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuits
Rivian and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, 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.
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