Sep 28, 2023
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CLASS ACTION UPDATE: Law Office of Brodsky & Smith Reminds Investors of Deadline in Class Action Against Enovix Corporation (ENVX)
February 03, 2023 9:28 AM EST | Source: Brodsky & Smith
Bala Cynwyd, Pennsylvania--(Newsfile Corp. - February 3, 2023) - Law office of Brodsky & Smith reminds investors of the deadline to file regarding claims against Enovix Corporation ("Enovix" or the "Company") (NASDAQ: ENVX) for possible breaches of Federal Securities law. Enovix designs, develops, and manufactures silicon-anode lithium-ion batteries using proprietary 3D cell architecture, which Enovix claims allows its batteries to achieve higher energy density. The Company was formerly known as Rodgers Silicon Valley Acquisition Corp.
If you purchased or otherwise acquired shares of Enovix (or Rodgers Silicon Valley Acquisition Corp. common stock prior to July 15, 2021) between February 22, 2021 and January 3, 2023 (the "Class Period"), and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is March 7, 2023. You may contact Marc Ackerman, Esquire or Jason Brodsky, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/enovix-corporation-nasdaq-envx/, or call toll free 877-534-2590. There is no cost or obligation to you.
On November 1, 2022, Enovix announced it realized just $8,000 in revenue for the third quarter of fiscal year 2022. Enovix also revealed that it would be "dialing back" its work on improving existing manufacturing lines to focus on its future manufacturing lines. Additionally, Enovix revealed it anticipated producing fewer than one million batteries in 2023.
On this news, Enovix shares declined by more than 44%.
On January 3, 2023, defendant Thurman J. Rogers, Enovix's Executive Chairman, revealed that Enovix's second production facility and future manufacturing lines would be delayed by several additional months because of equipment failures.
On this news, Enovix's stock price declined an additional 41%.
According to the filed complaint, throughout the Class Period the Company made false and misleading statements to the market. Specifically, Enovix overstated its ability to produce batteries at commercial scale. Despite touting its "meaningful progress" in developing its manufacturing capabilities, Enovix continued to face serious production problems. Based on these facts, the Company's public statements were false and materially misleading throughout the class period.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153580