Press release
Lawsuit filed for Investors who lost money with shares of VinFast Auto Ltd. (NASDAQ: VFS)
A lawsuit was filed on behalf of investors in VinFast Auto Ltd. (NASDAQ: VFS) shares over alleged securities laws violations.
Investors who purchased shares of VinFast Auto Ltd. (NASDAQ: VFS) have certain options and for certain investors are short and strict deadlines running. Deadline: June 11, 2024. NASDAQ: VFS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Vietnam based VinFast Auto Ltd., an automotive manufacturer, engages in Automobiles and E-scooter related business in Vietnam and the United States.
VinFast Auto Ltd describes itself as "an innovative, full-scale mobility platform focused primarily on designing and manufacturing premium EVs ("electric vehicles"), e-scooters, and e-buses."
On August 14, 2023, VinFast Auto Ltd. announced that it had completed its business combination with Black Spade Acquisition Co. Since announcing the completion of the business combination, VinFast's ordinary shares have traded as high as $93.00 per share on August 28, 2023.
Prior to the Merger, VinFast Auto Ltd operated as a publicly traded special purpose acquisition company (SPAC or blank-check company).
On October 15, 2023, Bloomberg published an article entitled "VinFast to Expand Into Southeast Asia, Raise More Capital," which revealed that VinFast would need to raise "a lot of capital" in order to fuel its global expansion plans and would "rely on [financial] support from parent company Vingroup JSC and its founder Pham Nhat Vuong in the next 18 months." On this news, the price of VinFast ordinary shares fell more than 18%, according to the complaint.
Then, on January 18, 2024, VinFast Auto Ltd. revealed that it delivered a total of 34,855 EVs in 2023, falling well short of its annual deliveries target of 40,000-50,000 units.
Shares of VinFast Auto Ltd. (NASDAQ: VFS) declined to as low as $2.255 per share on April 22, 2024.
The plaintiff claims that the defendants between August 15, 2023 and January 17, 2024, and in the offering documents issued in connection with the merger consummated on August 14, 2023 made false and/or misleading statements and/or failed to disclose that VinFast Auto Ltd lacked sufficient capital to execute its purported growth strategy, that VinFast Auto Ltd would be unable to meet its 2023 delivery targets, and that accordingly, VinFast Auto Ltd had overstated the strength of its business model and operational capabilities, as well as its post-Merger business and/or financial prospects.
Those who purchased shares of VinFast Auto Ltd. (NASDAQ: VFS) 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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