Sign In
Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
RIVN.US
id: 1196

Rivian Automotive (RIVN) Weak 2024 Projections Case

C.D. California
Court
2:24-cv-03269
Case number
01 Mar 2023
Class period Start
21 Feb 2024
Class period End
18 Jun 2024
Lead Plaintiff motion deadline
  • $RIVN stockholder filed a claim vs. Rivian for overstating product demand, which impacted the order bank and 2024 targets.
  • On February 22, 2024, news about the financial results caused $RIVN to fall 25%, losing $3.8B+ in shareholder value.
  • Affected $RIVN investors may join the claim to be notified about potential recovery.
On February 21, 2024, Rivian released its financial results for the Q4 and full year 2023.
  • Rivian forecasted producing 57,000 vehicles in 2024, below the anticipated 80,000.
Rivian also forecasted a $2.7B adjusted EBITDA loss for 2024, exceeding analysts' $2.59B estimate. It also announced plans to cut 10% of salaried staff.

During the earnings call, Rivian's CEO mentioned that high interest rates had reduced demand.
  • He also noted order cancellations due to factors like delivery timing and customer readiness.
On this news, $RIVN fell 25.6% on February 22, 2024.

Based on these events, $RIVN stockholder filed a claim against Rivian and its leaders, accusing them of the following details:

  • Rivian overstated product demand and underestimated the impact of negative macroeconomic factors.
  • Reduced demand and increased cancellations significantly impacted Rivian's order bank, 2024 earnings and production targets.
Considering all the representations, investors have reason to suspect that Rivian overstated product demand, which impacted the order bank and 2024 targets.

One of RIVN's investors has already filed a claim vs. Rivian in the C.D. California court.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
22 February 2024
Filing date
19 April 2024
Lead Plaintiff Deadline
18 June 2024
Judge
Hon. Mark C. Scarsi
Collecting participants…

Rivian Automotive Inc

Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, fiv...

    Ticker
    RIVN.US
    ISIN
    US76954A1034
    CIK
    1874178
    Sector
    Consumer Cyclical
    Industry
    Auto Manufacturers
    Country
    USA
    Address
    14600 Myford Road, Irvine, CA, United States, 92606