SAN DIEGO–(Enterprise WIRE)–The Class: Shareholder rights regulation company Robbins LLP is investigating Rivian Automotive, Inc. (NASDAQ: RIVN) and its officers and directors to decide if the Firm built phony and misleading statements in its Featuring Files in Assist of its first public presenting (“IPO”).
If you would like much more facts about our investigation into Rivian Automotive, Inc.’s misconduct, click on in this article.
What is this Investigation is About: Rivian models and manufactures electric powered cars – the R1T electrical pickup truck and R1S electric SUV. Rivian started offering the R1T in September 2021 and prepared to start selling the R1S in December 2021. As of October 31, 2021, Rivian noted “approximately 55,400 R1T and R1S preorders in the United States and Canada from prospects who compensated a cancellable and fully refundable deposit of $1,000.” At the time of its IPO, Rivian prepared to produce roughly 1,200 R1Ts and 25 R1Ss by the end of 2021, with the all preorders loaded by close of 2023.
Rivian done its IPO on November 10, 2021, promoting shares at $78.00 for every share for complete proceeds of $11.93 billion. Nonetheless, unbeknownst to investors, the Registration Assertion failed to disclose that Rivian underpriced the R1T and R1S to such a degree that the Organization would have to increase charges soon immediately after the IPO. Subsequently, these price improves would tarnish Rivian’s track record as a reputable and transparent Company and would place a substantial variety of its backlog orders as effectively as future orders in jeopardy of cancellation. Accordingly, the cost of the Company’s shares was artificially inflated at the time of the IPO. As Rivian introduced its options to boost its price ranges, its shares took a hit. Rivian stock now ow trades around $38.00 for each share, considerably under the Firm’s $78.00 IPO price.
Next Steps: If you acquired shares of Rivian Automotive, Inc. pursuant to the Firm’s IPO, you have authorized alternatives. Get in touch with us for much more info.
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