Case Summary

Innoviz Technologies

NASDAQ: INVZ

Case Details

  • Lucid Alternative Fund, LP v. Innoviz Technologies Ltd. et al.
  • Class Period:April 21, 2021 - February 28, 2023
  • Date Filed:March 15, 2024
  • Jurisdiction:U.S. District Court, Southern District of New York
  • Docket Number: 1:24-cv-01971
  • Lead Plaintiff Deadline: May 14, 2024
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Overview

A class action lawsuit has been filed against Innoviz Technologies Ltd. (“Innoviz” or the “Company”) (NASDAQ: INVZ) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934.  The Innoviz lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Innoviz securities between April 21, 2021 and February 28, 2023, both dates inclusive (the “Class Period”), and investors have until May 14, 2024 to seek appointment as lead plaintiff of the Innoviz class action lawsuit.

Innoviz designs and manufactures solid-state light detection and ranging, or “LiDAR,” sensors and develops perception software that purportedly enables the mass production of autonomous vehicles.  The Company operates in Europe, Asia Pacific, the Middle East, Africa, and North America.  Shortly after Innoviz began publicly trading on the Nasdaq Stock Market in April 2021, the Company represented that it had entered into multiple contracts, partnerships, and/or collaborations with several noteworthy automotive original equipment manufacturers (“OEMs”) throughout the world.  These relationships, the Company claimed, would purportedly “uniquely position” Innoviz to make autonomous driving a commercial reality, and could be leveraged to penetrate and partner with other OEMs customers and Tier-1 suppliers.

The lawsuit alleges that Defendants, throughout the Class Period, made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Innoviz had overstated the benefits that the Company was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (2) as a result, the Company was unlikely to achieve the level of profitability that Defendants had represented to investors; (3) accordingly, Innoviz had overstated its business and/or financial prospects; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.  On March 1, 2023, during pre-market hours, Innoviz issued a press release announcing the Company’s financial and operational results for its fiscal full year (“FY”) 2022.

Among other items, Innoviz reported GAAP FY 2022 earnings per share of -$0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million.  In addition, Innoviz guided for FY 2023 revenue to fall in the range of $12 million to $15 million, significantly below consensus estimates of $30 million.  The Company’s disappointing FY 2022 results came as a surprise to investors given that Innoviz had previously extolled the benefits it would derive from its various partnerships with purported Tier-1 companies.  Indeed, after a multi-year period of announcing partnerships with various automotive companies throughout the world, the press release reporting the Company’s FY 2022 results said conspicuously little about these supposed collaborations, referencing only its partnerships with BMW and Volkswagen.  On this news, Innoviz’s ordinary share price fell $0.71 per share, or 14.95%, to close at $4.04 per share on March 1, 2023.  As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.

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If you purchased or otherwise acquired Innoviz (NASDAQ: INVZ) securities between April 21, 2021 and February 28, 2023, both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Innoviz lawsuit is May 14, 2024.

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