Faruqi & Faruqi, LLP is investigating claims on behalf of Innoviz investors

NEW YORK, May 10, 2024 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Innoviz Technologies Ltd. (“Innoviz” or the “Company”) (NASDAQ: INVZ) and reminds investors May 14, 2024 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.

James (Josh) Wilson, Faruqi and Faruqi, LLP Securities Litigation Partner, encourages investors who have suffered losses that are greater $50,000 Innoviz to contact them directly and discuss your options.

If you have suffered losses that go beyond this $50,000 Invest in Innoviz shares or options in between April 21, 2021 And February 28, 2023 and would like to discuss your legal rights, Call Faruqi & Faruqi Partners Josh Wilson direct at 877-247-4292 or 212-983-9330 (ext. 1310). For more information you can also click here: www.faruqilaw.com/INVZ.

Faruqi & Faruqi is a leading national securities law firm with offices in new York, Pennsylvania, California And Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

The complaint claims that defendants made materially false and misleading statements about the Company’s business, operations, and prospects throughout the Class Period. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Innoviz had overstated the benefits it was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (ii) As a result, the company was unlikely to achieve the level of profitability that the defendants had represented to investors. (iii) Innoviz had accordingly overstated its business and/or financial prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

At March 1, 2023During pre-market business hours, Innoviz issued a press release announcing the Company’s full fiscal year (“FY”) 2022 financial and operating results. Among other things, Innoviz reported fiscal 2022 GAAP earnings per share of –$0.94lack of consensus estimates $0.06and income from $6.03 millionlack of consensus estimates $0.96 million. In addition, Innoviz assumes that sales will decrease in the order of magnitude in the 2023 fiscal year 12 million dollars To 15 million dollarswell below consensus estimates 30 million dollars. The company’s disappointing fiscal 2022 results came as a surprise to investors, as Innoviz had previously touted the benefits the company would reap from its various partnerships with supposed “Tier 1 companies.” In fact, after a multi-year period of announcing partnerships with various automotive companies around the world, the press release about the company’s fiscal 2022 results said conspicuously little about these alleged collaborations, only referring to the partnerships with BMW and Volkswagen.

As a result of this news, the price of Innoviz’s common stock fell $0.71 per share or 14.95% to close $4.04 per share March 1, 2023.

The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, who is appropriate and typical of the class, and who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may request the Court to serve as lead plaintiff through counsel of their choice, or may elect to do nothing and remain an absent class member. Your ability to share in any recovery will not be affected by the decision to serve as lead plaintiff or not.

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

To find out more about the Innovation Class action lawsuit, go for it www.faruqilaw.com/INVZ or Call Faruqi & Faruqi Partners Josh Wilson direct at 877-247-4292 or 212-983-9330 (ext. 1310).

Lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar result with respect to future matters. We welcome the opportunity to discuss your individual case. All communications will be treated confidentially.

SOURCE Faruqi & Faruqi, LLP