According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that:
- Rivian had overstated demand for its electric vehicles (“EVs”);
- Rivian had concealed the negative effect inflation and higher interest rates were having on demand for its EVs;
- the number of orders in Rivian’s order bank had decreased due to cancellations and other factors;
- Rivian was failing to ramp up its production of EVs at the rate it claimed;
- all the foregoing was likely to, and did, negatively impact Rivian’s anticipated earnings and vehicle production targets for 2024; and
- as a result, Rivian’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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