{"id":412,"date":"2024-04-23T16:45:00","date_gmt":"2024-04-23T16:45:00","guid":{"rendered":"http:\/\/www.civilwarfamily.us\/?p=412"},"modified":"2024-04-23T18:56:10","modified_gmt":"2024-04-23T18:56:10","slug":"rivian-faces-class-action-lawsuit-from-angry-investors","status":"publish","type":"post","link":"http:\/\/www.civilwarfamily.us\/index.php\/2024\/04\/23\/rivian-faces-class-action-lawsuit-from-angry-investors\/","title":{"rendered":"Rivian Faces Class Action Lawsuit From Angry Investors"},"content":{"rendered":"
Like other electric vehicle startups, Rivian’s stock has been on a downward trajectory since it went public. That has some investors upset, and the law firm of Bernstein Liebhard LLP announced this week that it has filed a securities class action lawsuit on investors’ behalf.<\/p>\n
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The firm claims that the automaker<\/a> violated the Securities Exchange Act of 1934, and is looking for people who purchased securities in Rivian Automotive, Inc. between March 1, 2023, and February 21, 2024, to join its suit.<\/p>\n Read: Rivian Lays Off More Workers As Stock Prices Tank<\/a><\/strong><\/p>\n Bernstein Liebhard’s complaint alleges that the automaker failed to disclose four significant pieces of information to investors. Firstly, the law firm asserts that Rivian overstated demand for its products<\/a> and its ability to withstand negative macroeconomic trends in the market. <\/p>\n window._taboola = window._taboola || []; window._taboola = window._taboola || []; Secondly, it claims that the automaker’s business experienced weakening demand and high customer cancellations. Thirdly, this led to Rivian’s order banks shrinking, which negatively impacted the company’s anticipated earnings, according to the lawsuit.<\/p>\n
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