Bronstein, Gewirtz & Grossman LLC has recently issued an announcement alerting investors who have experienced significant losses from Rivian Automotive, Inc. that they now have the opportunity to lead a class action lawsuit. The lawsuit aims to recover damages for alleged violations of federal securities laws on behalf of individuals or entities that purchased or acquired Rivian securities between August 12, 2022, and February 21, 2024.
During this specified period, the lawsuit alleges that Rivian overstated demand for its electronic vehicles (EVs), concealed the negative impact of inflation and higher interest rates on EV demand, and failed to increase its production of EVs at the rate it claimed. These alleged false and misleading statements were likely to, and did, adversely impact the Company’s anticipated earnings and vehicle production targets for 2024.
The lawsuit is based on an announcement made by Rivian on February 21, 2024, concerning its fourth-quarter and full-year 2023 financial results. The announcement included a forecast of reduced vehicle production in 2024 and an adjusted earnings before interest, taxes, depreciation, and amortization loss of $2.7 billion for full year 2024, resulting in a 25.6% decrease in the Company’s stock price on February 22, 2024.
Investors who have suffered losses in Rivian are urged to visit the firm’s website to review a copy of the Complaint or to contact Bronstein, Gewirtz & Grossman, LLC if they wish to be appointed as a lead plaintiff in the case. The firm operates on a contingency fee basis, meaning that they will only seek reimbursement for expenses and attorneys’ fees if they are successful in recovering funds for investors.
Bronstein, Gewirtz & Grossman, LLC is a respected legal firm that specializes in representing investors in securities fraud class actions and shareholder derivative suits, with a track record of recovering hundreds of millions of dollars for investors nationwide. Interested parties are encouraged to reach out to Peretz Bronstein or Nathan Miller at the provided contact details if they believe they have been affected by the alleged wrongful acts and omissions of Rivian.
This class action lawsuit, which aims to hold Rivian accountable for its actions on behalf of investors, underscores the significance of legal recourse in protecting the rights of shareholders and upholding transparency and integrity in the financial market. The opportunity for affected investors to contribute to the lawsuit without shouldering any costs until a successful recovery further enhances the significance of this legal development concerning Rivian.