Rivian Automotive, Inc.
Exchange: NASDAQ
Ticker: RIVN
Date of Filing: 03/07/2022
Court: California Central District Court
Filing Deadline

05/06/2022

Rivian Automotive, Inc.

Rivian is an electric vehicle company that in 2018 unveiled its first consumer EVs, the R1T electric pickup truck, and the R1S electric SUV. On November 10, 2021, Rivian offered 153 million shares to the public through an IPO at a price of $78.00 per share for total proceeds of $11.93 billion. According to the Registration Statement, the R1T and R1S introduce our brand to the world and will serve as our flagship vehicles as we continue to expand our offerings. Rivians focus on its reputation for transparency and devotion to its customers, along with Rivians R1T and R1S, including the large number of preorders and potential for increased demand were key selling points to IPO investors. Unbeknownst to investors, however, the Registration Statement’s representations were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the R1T and R1S were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO and that these price increases would tarnish Rivians reputation as a trustworthy and transparent company and would put a significant number of the existing backlog of 55,400 preorders along with future preorders in jeopardy of cancellation. As a result, the price of the Company’s shares was artificially and materially inflated at the time of the Offering.

 


For More information as well as to join this case please contact Atara Twersky, Esq. at atara@twerskylawgroup.com or atwersky@aftlaw.com.  Atara is Principal at Twersky Law Group and Of counsel at AF&T law firm where she is director of Investor Services.  Atara focuses her practice on assisting her clients with increasing their investment portfolio recoveries and ensuring that their portfolios remain healthy and robust.  For more information on shareholder recoveries click here and to listen to Atara’s podcast with notable guests in the Pension fund Industry listen to Pension and Investments Podcast, on all matters related to your investment portfolio and more. For more information on  Atara and her legal work connected to shareholder protection click here.

DOCUMENTS


COMPLAINT

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