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INVZ.US
id: 1141

Innoviz Technologies (INVZ) Disappointing Financial Results Case

S.D. New York
Court
1:24-cv-01971
Case number
21 Apr 2021
Class period Start
28 Feb 2023
Class period End
15 May 2024
Lead Plaintiff motion deadline
  • $INVZ stockholder filed a claim vs. Innoviz for overstated prospects and benefits from partnerships contracts.
  • On March 1, 2023, news about financial results caused $INVZ to fall 14%, losing $117M+ in shareholder value.
After going public on NASDAQ in April 2021, Innoviz claimed to have partnered with major car makers globally.

Innoviz also highlighted their close collaboration with BMW, which they believed gave them a competitive edge.
  • They also mentioned partnerships with four Tier-1 suppliers, including Aptiv and Magna.
  • Additionally, they were chosen by BMW in 2018 to supply their automotive-grade InnovizOne sensor.
On March 1, 2023, Innoviz announced their fiscal year 2022 results, with earnings per share and revenue below expectations.

They also projected fiscal year 2023 revenue to be significantly lower than the expected $30M.

Following the announcement, $INVZ dropped 14% the same day.

Based on these events, $INVZ stockholder filed a claim against Innoviz and its leaders, accusing them of the following:
  • Innoviz overstated the benefits expected from contracts and partnerships with automotive companies.
  • Consequently, profitability levels were unlikely to meet investor expectations.
Considering all the representations, investors have reasons to suspect that Innoviz exaggerated benefits from car company contracts, leading to unrealistic profitability claims.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01 March 2023
Filing date
15 March 2024
Lead Plaintiff Deadline
15 May 2024
Collecting participants…

Innoviz Technologies

Innoviz Technologies Ltd. manufactures and sells automotive grade LiDAR sensors and perception software to enable safe autonomous driving at a mass scale. The company offers InnovizOne, a solid-sta...

    Ticker
    INVZ.US
    ISIN
    IL0011745804
    CIK
    1835654
    Sector
    Consumer Cyclical
    Industry
    Auto Parts
    Country
    USA
    Address
    5 Uri Ariav Street, Rosh Haayin, Israel, 4809202