RIVN SHAREHOLDER NEWS: Robbins LLP Reminds Investors of Class Action Against Rivian Automotive, Inc. (RIVN) | 2022-03-09 | Press Releases

The Class: Shareholder rights law organization Robbins LLP reminds buyers that a shareholder submitted a class motion on behalf of folks and entities that bought Rivian Automotive, Inc. (NASDAQ: RIVN) widespread stock pursuant to the Firm’s November 19, 2021 original general public offering (“IPO”). Rivian layouts and manufactures electric vehicles – the R1T electric powered pickup truck and R1S electric SUV.

If you would like a lot more data about Rivian Automotive, Inc.’s misconduct, simply click here.

What is this Situation About: Rivian Automotive, Inc. (RIVN) Created Bogus and Deceptive Statements in its Offering Files in Support of its IPO

According to the criticism, Rivian started marketing the R1T in September 2021 and planned to commence selling the R1S in December 2021. As of October 31, 2021, Rivian documented “roughly 55,400 R1T and R1S preorders in the United States and Canada from consumers who paid a cancellable and fully refundable deposit of $1,000.” At the time of its IPO, Rivian planned to produce close to 1,200 R1Ts and 25 R1Ss by the close of 2021, with the all preorders crammed by finish of 2023.

Rivian accomplished its IPO on November 10, 2021, advertising shares at $78.00 for each share for total proceeds of $11.93 billion. Even so, unbeknownst to investors, the Registration Assertion unsuccessful to disclose that the R1T and R1S ended up underpriced to these kinds of a diploma that Rivian would have to increase charges shortly after the IPO. Subsequently, these cost improves would tarnish Rivian’s popularity as a trustworthy and transparent Business and would set a sizeable quantity of its backlog orders as nicely as potential orders in jeopardy of cancellation. Accordingly, the price of the Firm’s shares was artificially inflated at the time of the IPO. At the time the grievance was submitted, Rivian shares traded at $42.43 for each share, significantly down below the Firm’s $78.00 IPO value.

Subsequent Actions: If you acquired shares of Rivian Automotive, Inc. pursuant to the Company’s IPO, you have right until May possibly 6,2022, to talk to the court docket to appoint you lead plaintiff for the course. A direct plaintiff is a consultant occasion acting on behalf of other class associates in directing the litigation. You do not have to take part in the scenario to be eligible for a recovery.

All illustration is on a contingency price basis. Shareholders pay out no fees or expenditures.

Call us to master much more:

Aaron Dumas

(800) 350-6003

[email protected]

Shareholder Information and facts Sort

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff members of Robbins LLP have been dedicated to encouraging shareholders recover losses, strengthen company governance constructions, and keep company executives accountable for their wrongdoing given that 2002. To be notified if a course motion versus Rivian Automotive, Inc. settles or to obtain totally free alerts when company executives have interaction in wrongdoing, signal up for Stock Observe nowadays.

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