Faruqi & Faruqi, LLP investigates claims

NEW YORK, May 8, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Innoviz Technologies Ltd. (“Innoviz” or the “Company”) (NASDAQ: INVZ) reminds investors of the May 14, 2024 deadline to seek lead plaintiff in a federal securities class action lawsuit filed against the Company.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses of more than $50,000 with Innoviz to contact him directly to discuss their options

If you suffered losses of more than $50,000 when investing in Innoviz stocks or options between April 21, 2021 and February 28, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi Partners Josh Wilson directly 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 lawsuit alleges 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) it was therefore unlikely that the company would 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.

On March 1, 2023, during pre-market trading, 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 EPS of -$0.94, beating consensus estimates by $0.06, and revenue of $6.03 million, beating consensus estimates missed by $0.96 million. Additionally, Innoviz expects fiscal 2023 revenue to fall in the range of $12 million to $15 million, well below consensus estimates of $30 million. 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.

On this news, Innoviz’s common stock price fell $0.71 per share, or 14.95%, to close at $4.04 per share on 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 participate 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.

Lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past 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.

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