NEW ORLEANS, ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 6, 2022 to file lead plaintiff applications in a securities class action lawsuit against Rivian Automotive, Inc. (NasdaqGS: RIVN), if they purchased or otherwise acquired the Company’s shares pursuant or traceable to its November 2021 initial public stock offering (the “IPO”). This action is pending in the United States District Court for the Central District of California.
About the Lawsuit
Rivian and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement, 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.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire.
