Kaskela Law LLC announces that it is investigating Rivian Automotive, Inc. (NASDAQ: RIVN) (“Rivian”) on behalf of the company’s long-term investors.
Recently an amended securities fraud complaint was filed against Rivian on behalf of certain investors who purchased shares of the company’s stock between November 10, 2021 and March 10, 2022. According to the complaint, during that time period Rivian and certain of the company’s senior executive officers made a series of materially false and misleading statements regarding Rivian’s financial results, and knowingly concealed (i) that material costs for each R1 EV far exceeded its sale price and (ii) that substantially raising prices was inevitable.
As detailed in the complaint, on March 1, 2022, Rivian announced significant price increases for its EVs, and disclosed that the EV’s formerly standard “large” battery pack and quad motor option would cost purchasers an extra $12,000 to $14,000. Further, the complaint details how these price increases revealed what Rivian and its executives had known since before the company’s IPO: that Rivian’s original pricing was unsustainable and price increases were needed to address increasing supplier components and raw materials costs. In response to news of the Company’s substantial price increases, Rivian’s stock price fell $14.00 per share, or more than 20%, from a close of $67.56 per share on February 28, 2022, to close at $53.56 per share on March 2, 2022.
The investigation seeks to determine whether the members of Rivian’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct and misstatements.
Current Rivian shareholders who purchased or acquired shares of RIVN stock prior to December 16, 2021 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750 or (888) 715 – 1740, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/rivian/, for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
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