Rivian Automotive, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
The complaint alleges that Rivian’s IPO offering documents were materially inaccurate, misleading and/or incomplete because they failed to disclose, among other things, that: (1) the R1T and R1S were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO; (2) these price increases would tarnish Rivian’s reputation as a trustworthy and transparent company; and, (3) these price increases would put a significant number of the existing backlog of 55,400 preorders along with future preorders in jeopardy of cancelation.
But on Mar. 1, 2022, Rivian announced that it was raising prices of the R1T and R1S by 17% and 20%, respectively, and that the new prices would apply to nearly all the preorders.
Then, on Mar. 2, 2022, ARS Tecnica reported that beginning in spring 2021 Rivian’s then VP of sales and marketing “started to raise the alarm about concerns she had relating to Rivian’s ability to deliver on its promises to investors” and “it was clear that the vehicles were underpriced and each sale would result in a loss for the company.” The same day, Electrik reported that Rivian buyers are canceling at alarming rates after the price increases.
These events have driven the price of Rivian shares well below the $78 IPO price.
