NEW YORK–(Company WIRE)–#Action–Bragar Eagel & Squire, P.C., a nationally acknowledged stockholder rights law firm, reminds investors that a course action lawsuit has been filed from Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) in the United States District Court for the Central District of California on behalf of all people and entities who acquired or in any other case acquired Rivian securities pursuant and/or traceable to the November 10, 2021 IPO. Traders have until eventually Might 6, 2022 to apply to the Court docket to be appointed as direct plaintiff in the lawsuit.
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Rivian is an electric car or truck corporation that in 2018 unveiled its 1st shopper EV’s, the R1T electrical pickup truck, and the R1S electric powered SUV.
On November 10, 2021, Rivian available 153 million shares to the community as a result of an IPO at a price tag of $78.00 for every share for whole proceeds of $11.93 billion.
According to the Registration Statement, the “R1T and R1S introduce our manufacturer to the earth and will provide as our flagship cars as we keep on to extend our choices.”
Rivian’s target on its track record for transparency and devotion to its customers, along with Rivian’s R1T and R1S, such as the substantial number of preorders and prospective for increased demand were being vital providing details to IPO buyers.
Unbeknownst to traders, nonetheless, the Registration Statement’s representations ended up materially inaccurate, deceptive, and/or incomplete mainly because they unsuccessful to disclose, amid other items, that the R1T and R1S were underpriced to these types of a degree that Rivian would have to raise prices soon soon after the IPO and that these selling price increases would tarnish Rivian’s name as a reputable and clear enterprise and would put a sizeable number of the present backlog of 55,400 preorders alongside with upcoming preorders in jeopardy of cancellation.
As a result, the selling price of the Company’s shares was artificially and materially inflated at the time of the Offering.
If you purchased or in any other case acquired Rivian shares and experienced a decline, are a very long-expression stockholder, have information and facts, would like to find out a lot more about these statements, or have any inquiries about this announcement or your legal rights or interests with respect to these issues, be sure to speak to Brandon Walker or Alexandra Raymond by electronic mail at investigations@bespc.com, phone at (212) 355-4648, or by filling out this get hold of sort. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally acknowledged legislation firm with workplaces in New York, California, and South Carolina. The firm signifies unique and institutional traders in industrial, securities, spinoff, and other advanced litigation in state and federal courts throughout the place. For more information about the firm, please visit www.bespc.com. Attorney promoting. Prior outcomes do not warranty very similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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