RIVN 5-DAY DEADLINE ALERT: Hagens Berman, National Trial Attorneys, Encourages Rivian Automotive (RIVN) Investors with Significant Losses to Contact Firm's Attorneys, May 6th Deadline in Securities Class Action
San Francisco, California--(Newsfile Corp. - May 1, 2022) - Hagens Berman urges Rivian Automotive, Inc. (NASDAQ: RIVN) investors with significant losses to submit your losses now.
Rivian Automotive, Inc. (RIVN) Securities Class Action:
In connection with Rivian's IPO and throughout the Class Period, Defendants touted company's 55,400 preorders for its R1T electric pickup truck and its R1S electric SUV, and that Rivian planned to "produce approximately 1,200 R1Ts and 25 R1Ss and deliver approximately 1,000 R1Ts and 15 R1Ss" by the end of 2021.
The complaint alleges that Defendants misrepresented and concealed that: disclose that: (1) Rivian would not meet its 2021 production and delivery targets; and that (2) Rivian's vehicles were underpriced and the Company would need to substantially increase prices.
The truth began to emerge on Dec. 16, 2021, when Rivian disclosed that it would fall "a few hundred vehicles short of [its] 2021 production target of 1,200 [vehicles]." CEO Scaringe also admitted that Rivian's vehicles were "very aggressively priced" and that, against "the backdrop of inflation," the Company was "look[ing] at [their] pricing."
Then, on Jan. 10, 2022, Rivian confirmed that it had only "produced 1,015 vehicles by the end of 2021" and that only "920 vehicles were delivered by that date.
Further on Mar. 1, 2022, Rivian announced that it was raising prices of the R1T and R1S by 17% and 20%, respectively, and that the new prices would apply to nearly all the preorders.
Then, on Mar. 3, 2022, Defendants retracted aspects of the price increases, now announcing that preorders that had been placed before Mar. 1, 2022, would not be subject to the new prices, and that customers who had cancelled their preorders could reinstate their orders at the original prices.
Finally, on Mar. 10, 2022, Rivian announced disappointing Q4 '21 results and disclosed that the company expected to produce only 25,000 vehicles in 2022.
Each of these events caused the price of Rivian shares to drop precipitously.
"We're focused on investors' losses and proving Defendants mispresented Rivian's production capabilities," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Rivian, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Rivian should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email RIVN@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122325