NEW YORK--(BUSINESS WIRE)--#Action--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired Rivian securities pursuant and/or traceable to the November 10, 2021 IPO. Investors have until May 6, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Rivian is an electric vehicle company that in 2018 unveiled its first consumer EV’s, the R1T electric pickup truck, and the R1S electric SUV.
On November 10, 2021, Rivian offered 153 million shares to the public through an IPO at a price of $78.00 per share for total proceeds of $11.93 billion.
According to the Registration Statement, the “R1T and R1S introduce our brand to the world and will serve as our flagship vehicles as we continue to expand our offerings.”
Rivian’s focus on its reputation for transparency and devotion to its customers, along with Rivian’s R1T and R1S, including the large number of preorders and potential for increased demand were key selling points to IPO investors.
Unbeknownst to investors, however, the Registration Statement’s representations were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the R1T and R1S were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO and that these price increases would tarnish Rivian’s reputation as a trustworthy and transparent company and would put a significant number of the existing backlog of 55,400 preorders along with future preorders in jeopardy of cancellation.
As a result, the price of the Company’s shares was artificially and materially inflated at the time of the Offering.
If you purchased or otherwise acquired Rivian shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
