Rivian Automotive, Inc. Investors: Class Action Lawsuit

Investors can contact law firm free to learn more about loss recovery

LOS ANGELES, June 28, 2024 (GLOBE NEWSWIRE) — Portnoy Law Firm informs investors of Rivian Automotive, Inc. (“Rivian or the “Company) (NASDAQ: RIVN) that a class action lawsuit has been filed on behalf of investors. Rivian investors who purchased and/or sold shares between August 12, 2022 and February 21, 2024 and lost money on their investment are encouraged to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy at 310-692-8883 or [email protected] to discuss their rights or click here to join the case via www. portnoylaw.com. Portnoy Law Firm can evaluate your case free of charge and discuss investors’ options for pursuing claims to recover their losses.

According to the Complaint, Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures and sells electric vehicles and accessories. The company’s products include the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven-passenger sport-utility vehicle, both marketed as consumer electric vehicles, and the Electric Delivery Van (“EDV”), which is marketed as a commercial electric vehicle. Rivian sells its products directly to customers in both the consumer and commercial markets.

The complaint alleged that throughout the period covered by the lawsuit, defendants made false and misleading statements regarding the Company’s business, operations and prospects. Specifically, the complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) Rivian overstated demand for its products as well as its ability to withstand negative short-term macroeconomic impacts; (ii) as a result, Rivian’s business has experienced reduced demand and increased customer cancellations, including as a result of high interest rates; (iii) as a result, the condition of Rivian’s order bank has deteriorated significantly; (iv) all of the foregoing could and did have an adverse impact on the Company’s projected earnings and vehicle production targets for 2024; and (v) as a result, the Company’s public statements were materially false and misleading at all material times.

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Portnoy Law Firm represents investors in pursuing claims for corporate misconduct. The firm’s founding partner recovered more than $5.5 billion for injured investors. Lawyer advertising. Previous results do not guarantee similar results.

Lesley F. Portnoy, Attorney at Law
Admitted to the bar in California and New York
[email protected]
310-692-8883
www.portnoylaw.com
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