Press release
Lawsuit Alert: Investors who lost money with shares of Innoviz Technologies Ltd. (NASDAQ: INVZ) should contact the Shareholders Foundation
A lawsuit was filed on behalf of investors in Innoviz Technologies Ltd. (NASDAQ: INVZ) shares.
Investors who purchased shares of Innoviz Technologies Ltd. (NASDAQ: INVZ) have certain options and for certain investors are short and strict deadlines running. Deadline: May 14, 2024. NASDAQ: INVZ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Israel based Innoviz Technologies Ltd. designs and manufactures solid-state LiDAR sensors and develops perception software that enables the mass production of autonomous vehicles.
On April 5, 2021, Innoviz Technologies and Collective Growth Corporation (NASDAQ: CGRO) announced the completion of their business combination. The combined company retained the Innoviz Technologies, Inc. name, and its ordinary shares and warrants commenced trading on Nasdaq under the ticker symbols "INVZ" and "INVZW" shortly thereafter.
On March 2, 2022 Innoviz Technologies (NASDAQ: INVZ) reported operational and financial results for the fourth quarter and full year ended December 31, 2021. Among other things, Innoviz Technologies Ltd reported that its Net Loss increased from $81.51 million in 2020 to $153.55 million in 2021.
On March 1, 2023, Innoviz Technologies Ltd. (NASDAQ: INVZ) provided commercial and strategic updates on its business, reported its financial results for the full year ended December 31, 2022 and announced 2023 operational and financial targets. Among other items, Innoviz reported GAAP FY 2022 earnings per share of -$0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. In addition, Innoviz guided for FY 2023 revenue to fall in the range of $12 million to $15 million, significantly below consensus estimates of $30 million. The Company's disappointing FY 2022 results came as a surprise to investors given that Innoviz had previously extolled the benefits it would derive from its various partnerships with purported "Tier-1 companies." Indeed, after a multi-year period of announcing partnerships with various automotive companies throughout the world, the press release reporting the Company' FY 2022 results said conspicuously little about these supposed collaborations, referencing only its partnerships with BMW and Volkswagen.
The plaintiff claims that between April 21, 2021 and February 28, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that Innoviz had overstated the benefits that the Company was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies, that as a result, the Company was unlikely to achieve the level of profitability that Defendants had represented to investors, that accordingly, Innoviz had overstated its business and/or financial prospects, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Innoviz Technologies Ltd. (NASDAQ: INVZ) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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