Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased VinFast Auto Ltd. (“VinFast” or the “Company”) (NASDAQ: VFS) f/k/a Black Spade Acquisition Co., (“Black Spade”), securities: (a) pursuant and/or traceable to the Offering Documents issued in connection with the August 2023 merger (“Merger”) by and among the Company, Black Spade, and Nuevo Tech Limited; and/or (b) between August 15, 2023 and January 17 2024, both dates inclusive (the “Class Period”). VinFast investors have until June 11, 2024 to file a lead plaintiff motion.
Investors suffering losses on their VinFast investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On October 15, 2023, Bloomberg reported that VinFast’s planned to aggressively move into Southeast Asian markets and that the Company would need to raise “a lot of capital” in order to fuel its global expansion plans and would “rely on [financial] support from parent company Vingroup SC and its founder Pham Nhat Vuong in the next 18 months.”
On this news, VinFast’s stock price fell $1.45, or 18.2%, to close at $6.53 per share on October 16, 2023, thereby injuring investors.
Then, on January 18, 2024, VinFast disclosed that it had delivered a total of 34,855 EVs in 2023, falling short of its target of 40,000-50,000 units.
On this news, VinFast’s stock price fell $0.13, or 2.3%, to close at $5.64 per share on January 18, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants failed to disclose to investors that: (1) VinFast lacked sufficient capital to execute its purported growth strategy; (2) VinFast would be unable to meet its 2023 delivery targets; (3) accordingly, VinFast had overstated the strength of its business model and operational capabilities, as well as its post-Merger business and/or financial prospects; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased VinFast securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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