RIVN SHAREHOLDER Notify: Robbins LLP Investigates Rivian Automotive, Inc. (RIVN) on Behalf of Shareholders

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.

All representation is on a contingency price foundation. Shareholders pay back no charges or charges.

Speak to us to discover more:

Aaron Dumas

(800) 350-6003

[email protected]

Shareholder Information and facts Sort

About Robbins LLP: A identified leader in shareholder legal rights litigation, the attorneys and workers of Robbins LLP have been devoted to aiding shareholders recuperate losses, boost corporate governance structures, and maintain enterprise executives accountable for their wrongdoing given that 2002. To be notified if a course motion from Rivian Automotive, Inc. settles or to receive free alerts when corporate executives have interaction in wrongdoing, indicator up for Inventory Look at these days.

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RIVN went public at $78.00 on Nov. 10, 2021

Rivian Automotive Inc. (RIVN) designs and manufactures electric vehicles (EVs) and accessories and offers related services. The company produces and has begun delivery of its first-generation consumer vehicle, which is a two-row, five-passenger pickup truck named the R1T. Later this year it plans to begin delivering a three-row, seven-passenger SUV named the R1S. These vehicles are equipped with a set of advanced technology systems and are designed to accommodate consumers with active lifestyles. Rivian also plans to launch an electric delivery van (EDV) for business customers.

Rivian’s stock debuted on public markets on Nov. 10, 2021 through a highly-anticipated initial public offering (IPO). As many as 153 million shares were sold at an initial offering price of $78.00, valuing the company at $66.5 billion. The offering raised nearly $12 billion in financing to fuel growth. The shares began trading on the Nasdaq under the symbol “RIVN” at an opening price of $106.75. The stock closed the day trading at $100.73 per share, giving the company a valuation of approximately $86 billion. That’s more than the market capitalization of Ford Motor Co. (F), one of Rivian’s major financial backers.

Key Takeaways

  • Rivian is an EV manufacturer and provides related accessories and services.
  • Rivian went public under the ticker “RIVN” on Nov. 10, 2021 at an initial offering price of $78.00.
  • The company sold 153 million shares, raising nearly $12 billion.
  • Rivian’s market value was $127.3 billion at the close of trading on Nov. 12, 2021, three trading days after its IPO.
  • The company estimates that it generated $0 to $1 million in sales and a net loss of between $1.2-$1.3 billion in the quarter ended Sept. 30, 2021.
  • Traditional automaker Ford and e-commerce giant Amazon are among Rivian’s major shareholders.

Rivian is based in California and was founded in 2009 by Robert J. Scaringe. A graduate of the Massachusetts Institute of Technology, he is the company’s chief executive officer (CEO) and chairman of the board of directors. Scaringe, known as “R.J.” in the industry, highlighted his long-time obsession with cars in a letter filed with the company’s IPO prospectus. Scaringe started his company with the goal of building an efficient sports car. But by 2012, he and the Rivian team concluded that their initial strategy would not meet their goals, and they changed course. They redefined the company’s strategy, refocusing their efforts on the truck, SUV, and crossover segments of the automobile market. Rivian also forged a close business relationship with e-commerce giant Amazon.com Inc. (AMZN) to develop delivery vans and a fleet management platform.

Source: TradingView.

Why the Rivian IPO Matters

Rivian’s IPO raised nearly $12 billion, making it the largest IPO in the U.S. since 2014. The stock was up more than 21% from its initial opening price to the close of trading on Nov. 12, 2021, three trading days after the IPO. The broader U.S. equity market, as measured by the S&P 500, was basically flat over the same period. The size of the IPO and the rapid

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