Philadelphia, Pennsylvania--(Newsfile Corp. - August 1, 2024) - If you have held Enovix Corp. (NASDAQ: ENVX) shares since on or prior to August 10, 2021, and would like to learn more about the investigation, your rights, and potential for recovery, please visit https://grabarlaw.com/the-latest/Enovix-Shareholder-Investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com or call 267-507-6085.
WHY:A federal securities fraud class action complaint against Enovix and certain of its officers has survived a motion to dismiss. Grabar Law Office is investigating whether officers and directors of Enovix Corp. breached their fiduciary duties.
Specifically, the Court in the securities fraud class action found that statements made by the company, via certain of its officers, starting on August 10, 2021 were false or misleading when made. Specifically, these statements implied the Fab-1 equipment had passed the Factory Acceptance Tests (FAT), which required that a team of Enovix engineers fly to multiple Chinese factories, and personally observe each piece of Fab-1 equipment running at full speed before they were approved for shipment, Moreover, the Court agreed with plaintiffs that, if the equipment never passed the FAT, it was false and misleading for Enovix to state that the site acceptance test would "confirm" the equipment was meeting performance requirements and to state that the FAT was "already performed" without revealing that the equipment had failed the FAT. The Court also agreed with plaintiffs that, if the equipment failed multiple rounds of the FAT through April 2021 and ultimately never passed the FAT, it was false and misleading for company officers to state, as they did, that the testing out of each piece of equipment was "going on quite well."
WHAT YOU CAN DO NOW: Current Enovix shareholders who have held Enovix shares since before August 10, 2021, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/enovix-shareholder-investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com, or call 267-507-6085.
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