Lawsuit filed for Investors who lost money with shares of Rivian Automotive, Inc. (NASDAQ: RIVN)

An investor, who purchased shares of Rivian Automotive, Inc. (NASDAQ: RIVN), filed a lawsuit over alleged violations of Federal Securities Laws by Rivian Automotive, Inc.

Investors who purchased shares of Rivian Automotive, Inc. (NASDAQ: RIVN) have certain options and for certain investors are short and strict deadlines running. Deadline: July 30, 2024. NASDAQ: RIVN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The Company sells its products directly to customers in the consumer and commercial markets.

On February 21, 2024, Rivian Automotive, Inc. announced its fourth quarter and full year 2023 financial results. Among other items, Rivian Automotive, Inc. announced that it expected to produce 57,000 vehicles in 2024, significantly lower than analyst expectations of 80,000 vehicles.
Rivian Automotive, Inc. further forecasted an adjusted earnings before interest, taxes, depreciation, and amortization loss of $2.7 billion for full year 2024, compared to analyst expectations of $2.59 billion, and announced plans to cut 10% of salaried staff, citing economic uncertainty.
On the subsequent earnings call to discuss these results, Rivian's Chief Executive Officer revealed that "historically high interest rates . . . ha[ve] negatively impacted demand" and "[o]ur order bank has notably reduced overtime . . . along with the impact of cancellations due to both the macroenvironment and [various] customer factors" such as "delivery timing, location of order, monthly payments, and customer readiness."

Shares of Rivian Automotive, Inc. (NASDAQ: RIVN) declined from $23.50 per share on December 28, 2023, to as low as $10.05 per share on February 26, 2024.

The plaintiff claims that between August 12, 2022 and February 21, 2024, the Defendants made false and/or misleading statements and/or failed to disclose that Rivian had overstated demand for its EVs, that Rivian had concealed the negative effect inflation and higher interest rates were having on demand for its EVs, that the number of orders in Rivian's order bank had decreased due to cancellations and other factors, that Rivian was failing to ramp up its production of EVs at the rate it claimed, that all the foregoing was likely to, and did, negatively impact the Company's anticipated earnings and vehicle production targets for 2024, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Rivian Automotive, Inc. (NASDAQ: RIVN) 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.

This release was published on openPR.