Berman Tabacco Announces Lead Plaintiff Deadline in Securities Class Action Against Enovix Corporation (ENVX)

Boston, Massachusetts--(Newsfile Corp. - January 11, 2023) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Enovix Corporation (NASDAQ: ENVX) ("Enovix" or the "Company"). On January 6, 2023, a securities class action lawsuit was filed in U.S. District Court in the Northern District of California on behalf of all investors who purchased or otherwise acquired Enovix common stock (or Rodgers Silicon Valley Acquisition Corp. ("RSVAC") common stock prior to July 15, 2021) between February 22, 2021 through January 3, 2023, inclusive (the "Class Period").

How to Seek Appointment as Lead Plaintiff

If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than March 7, 2023. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. An investor's ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.

If you sustained significant losses from your transactions in Enovix common stock during the Class Period and are interested in learning more about serving as Lead Plaintiff, please provide your information here: Shareholder Contact | Berman Tabacco.

A Lead Plaintiff is appointed by the court to represent the members of the putative class in the lawsuit. Typically, the Lead Plaintiff is the applicant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.

No Responsibility for Attorney's Fees or Expenses

Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.

About the Lawsuit

The class action complaint alleges, among other things, that "[o]n November 1, 2022, Enovix announced its financial results for the third quarter of 2022. Enovix revealed that in the quarter, it realized just $8,000 in revenue. Moreover, it revealed that it would be 'dialing back' its work on improving the Gen1 lines in favor of shifting its focus to its future Gen2 lines because the supposed improvements were not having the desired results on output. Consequently, Enovix 'anticipate[d] achieving lower overall output from Fab-1 in 2023.'" On this news, "Enovix fell from a close of $18.87 per share on October 31, 2022, to $10.53 per share by the close of trading on November 2, 2022, a 44% decline." On January 3, 2023, the Enovix "revealed that the Company's second production facility and Gen2 lines would be delayed by several additional months because of the equipment failures experienced in the Fab-1 lines." On this news, "Enovix's share price dropped 41% from a close of $12.12 per share on January 3, 2022 to a close of $7.15 on January 4, 2022." The complaint alleges that the Company made materially false and/or misleading statements concerning its ability to scale production of its batteries during the Class Period.

About Berman Tabacco

Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.

Contact:
Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151090