Case Summary

Rivian

NASDAQ: RIVN

Case Details

  • Indiana Public Retirement System v. Rivian Automotive, Inc. et al.
  • Class Period:August 12, 2022 - February 21, 2024
  • Date Filed:May 31, 2024
  • Jurisdiction:U.S. District Court, Central District of California
  • Docket Number: 2:24-cv-04566
  • Lead Plaintiff Deadline: July 31, 2024
Days Left to
Seek Plaintiff
36

Overview

A class action lawsuit has been filed against Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Rivian class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Rivian securities between August 12, 2022, and February 21, 2024, both dates inclusive (the “Class Period”).  Investors have until July 30, 2024, to seek appointment as lead plaintiff of the Rivian class action lawsuit.

Rivian, headquartered in Irvine, California, is an automotive manufacturer that develops and builds electric vehicles (“EVs”) for both retail and commercial customers.

The Rivian class action lawsuit alleges that Defendants, throughout the Class Period, misled investors about the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Rivian had overstated demand for its EVs; (2) Rivian had concealed the negative effect inflation and higher interest rates were having on demand for its EVs; (3) the number of orders in Rivian’s order bank had decreased due to cancellations and other factors; (4) Rivian was failing to ramp up its production of EVs at the rate it claimed; (5) all the foregoing was likely to, and did, negatively impact the Company’s anticipated earnings and vehicle production targets for 2024; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Defendants’ fraud began to be revealed to the market on February 28, 2023, when Rivian announced a lower-than-expected 2023 EV production target.  On this news, Rivian’s stock price fell $3.54 per share, or more than 18%, to close at $15.76 per share on March 1, 2023.  Then, on February 21, 2024, Rivian announced wider-than-expected anticipated losses for 2024.  Rivian also issued lower-than-expected 2024 EV production guidance and announced it would cut 10% of salaried staff.  On this news, Rivian’s stock price fell $3.94 per share, or more than 25%, to close at $11.45 per share on February 22, 2024.

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If you purchased or otherwise acquired Rivian securities between August 12, 2022, and February 21, 2024, both dates inclusive, 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 Rivian lawsuit is July 30, 2024.

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