VINFAST AUTO LTD. (NASDAQ: VFS) INVESTOR ALERT: Amber

NEW YORK, June 4, 2024 (GLOBE NEWSWIRE) – Bernstein Liebhard LLP:

• Do you own or have you owned shares of VinFast Auto Ltd. (NASDAQ: VFS)?
• Did you acquire your shares pursuant to and/or in connection with the merger consummated on August 14, 2023 or between August 15, 2023 and April 17, 2024 (inclusive)?
• Did you lose money on your investment in VinFast Auto Ltd.?
• Would you like to talk about your rights?

Bernstein Liebhard LLP announces that a class action lawsuit has been filed on behalf of investors who purchased or acquired securities of VinFast Auto Ltd. (“VinFast” or the “Company”) (NASDAQ: VFS): (a) pursuant to and/or traceable to the offering documents issued in connection with the merger consummated on August 14, 2023 among the Company, Black Spade and Nuevo Tech Limited (the “Merger”); and/or (b) between 15 August 2023 and 17 April 2024both dates inclusive (the “Claim Period”). The lawsuit was filed in the U.S. District Court for the Eastern District of New York and alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Complaint”).

If you Have purchased or acquired VinFast securities and/or would like to discuss your legal rights and options please visit the VinFast Auto Ltd. Shareholders Class Action Lawsuit or contact the Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

According to the complaint, defendants made false and/or misleading statements and/or failed to disclose that (i) VinFast did not have sufficient capital to implement its purported growth strategy; (ii) VinFast would not be able to achieve its 2023 delivery targets; and (iii) VinFast accordingly overstated the strength of its business model and operating capabilities, as well as its post-merger business and/or financial prospects.

On January 18, 2024, VinFast announced in a press release that it would deliver a total of 34,855 electric vehicles in 2023, significantly missing its annual delivery target of 40,000 to 50,000 units. In response, several market analysts commented on the company’s disappointing announcement. For example: Barron’s published an article titled “Vietnamese carmaker Vinfast misses 2023 electric car sales target,” noting that VinFast “hopes to compete with electric car giants like Tesla” and “was listed on the Nasdaq in August, made headlines around the world when its valuation soared and then crashed.”

On this news, VinFast’s common stock price fell $0.13 per share, or 2.25%, to close at $5.64 per share on January 18, 2024.

Then, on April 17, 2024, VinFast issued a press release announcing its financial results for the first quarter of 2024 (“Q1 2024”). The press release stated that the company delivered 9,689 electric vehicles in the first quarter of 2024, despite setting a target of delivering 100,000 electric vehicles in 2024.

Following this news, VinFast’s common stock price fell $0.35, or approximately 11%, to close at $2.72 on April 17, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than June 11, 2024. A lead plaintiff is a representative party who directs the litigation on behalf of other class members. Your ability to share in any recovery is not dependent on your serving as lead plaintiff. If you choose not to take action, you may remain an absent class member.

If you Have purchased or acquired VinFast securities and/or would like to discuss your legal rights and options please visit the VinFast Auto Ltd. Shareholders Class Action Lawsuit or contact the Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its success in litigating hundreds of lawsuits and class action cases, the firm has been named to the National Law Journal’s “Plaintiffs’ Hot List” thirteen times and has been listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertising is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Past results do not guarantee or predict a similar outcome with respect to future matters.

Contact information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]