RIVN SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Rivian Investors

James (Josh) Wilson, securities litigation partner at Faruqi & Faruqi, LLP, encourages investors who have suffered losses of over $100,000 in Rivian to contact him directly to discuss their options

If you incurred losses exceeding $100,000 on investments in Rivian stock or options between August 12, 2022 and February 21, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (extension 1310). For more information you can also click here: www.faruqilaw.com/RIVN.

New York, New York–(Newsfile Corp. – July 6, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) and reminds investors of the Deadline 30 July 2024 to serve as lead plaintiff in a federal securities class action lawsuit filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. Since its founding in 1995, the firm has recovered hundreds of millions of dollars for investors. See www.faruqilaw.com.

As described in detail below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Rivian overstated demand for its electric vehicles; (2) Rivian concealed the negative impact of inflation and higher interest rates on demand for its electric vehicles; (3) the number of orders in Rivian’s backlog declined due to cancellations and other factors; (4) Rivian failed to increase its production of electric vehicles at the stated pace; (5) all of which likely had, and did, adversely affect the Company’s expected 2024 earnings and vehicle production targets; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On February 21, 2024, Rivian announced its fourth-quarter and full-year 2023 financial results. Among other things, Rivian announced that it expects to produce 57,000 vehicles in 2024, well below analyst expectations of 80,000 vehicles. The company also forecast adjusted earnings before interest, taxes, depreciation, and amortization of $2.7 billion for the full year 2024, compared to analyst expectations of $2.59 billion, and announced plans to cut 10% of its workforce, citing economic uncertainty. In the subsequent conference call to discuss these results, Rivian CEO, defendant Robert J. Scaringe, stated that “historically high interest rates … have negatively impacted demand” and “our backlog has significantly reduced overtime … in addition to the impact of cancellations due to both the macro environment and (various) customer factors” such as “delivery timing, order location, monthly payments and customer willingness.”

Following this news, Rivian’s stock price fell $3.94 per share, or 25.6%, to close at $11.45 per share on February 22, 2024.

The court-appointed lead plaintiff will be the investor with the greatest financial interest in the relief sought by the class, who is reasonable and typical of class members, and who will direct and oversee the litigation on behalf of the putative class. Any member of the putative class may, through counsel of his or her choosing, ask the court to serve as lead plaintiff, or he or she may choose to do nothing and remain an absent class member. Your ability to share in any relief will not be affected by your decision to serve as lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Rivian’s conduct, including whistleblowers, former employees, shareholders and others, to contact the company.

Learn more about the Rivian Class action lawsuit, go to www.faruqilaw.com/RIVN or Call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (extension 1310).

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To view the original version of this press release, please visit https://www.newsfilecorp.com/release/215387