NEW YORK, April 19, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Rivian Automotive, Inc. (""Rivian" or the "Company") (NASDAQ: RIVN). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Rivian and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around November 11, 2021, Rivian conducted its initial public offering ("IPO"), selling more than 175 million Class A shares at $78.00 per share for over $13.7 billion in gross offering proceeds. In the six months following the IPO, the price of Rivian's Class A stock plummeted to a low of less than $20.00 per share, 74% below the IPO price, wiping out billions of dollars in value for Rivian investors. A March 11, 2022 Wedbush analyst report summarized the myriad issues negatively impacting the Company: "Since its IPO in late 2021, the Rivian story has been a bad episode out of the Twilight Zone for the Street. The company missed their first quarter out of the box on supply chain issues "surprises", then instituted a 20% price unit increase due to inflationary pressures which was then taken back 48 hours later by management after a slew of customer cancellations, and last night added to the pain with very soft unit guidance for 2022. . . . To say the Rivian story has been disappointing to us (and the Street) so far would be an understatement."
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
