RIVIAN AUTOMOTIVE, INC. (NASDAQ: RIVN) INVESTOR ALERT:

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

• Do you own or have you owned shares of Rivian Automotive, Inc. (NASDAQ: RIVN)?
• Did you purchase your shares between August 12, 2022 and February 21, 2024 inclusive?
• Did you lose money on your investment in Rivian Automotive, Inc.?
• 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 securities of Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) between 12 August 2022 and 21 February 2024inclusive (the “Claim Period”). The lawsuit was filed in the U.S. District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

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

According to the complaint, defendants failed to disclose to investors that (i) Rivian had overstated demand for its electric vehicles (“EVs”); (ii) Rivian had concealed the negative impact of inflation and higher interest rates on demand for its EVs; (iii) the number of orders in Rivian’s backlog had declined due to cancellations and other factors; (iv) Rivian was not increasing its production of EVs at a stated pace; and (v) all of the foregoing would likely have, and did, negatively impact the Company’s expected 2024 earnings and vehicle production targets.

On February 21, 2024, Rivian issued a press release after the close of trading announcing its fourth quarter and full-year 2023 financial results. As part of these results, Rivian announced that it plans to produce only 57,000 electric vehicles in 2024, well below the 80,000 electric vehicles expected by analysts. Rivian also announced that it expects an adjusted EBITDA loss of $2.7 billion for 2024, while analysts had expected a loss of $2.59 billion. Rivian cited “economic and geopolitical uncertainties and constraints, particularly the impact of historically high interest rates.” Rivian also announced that it would lay off 10% of its permanent employees.

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.

If you wish to serve as lead plaintiff, you must move the Court no later than July 30, 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 Rivian securities and/or would like to discuss your legal rights and options please visit the Rivian Automotive, Inc. Shareholder 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]