Rivian Automotive, Inc. Securities Fraud Investigation
Our securities attorneys are investigating reports that Rivian Automotive, Inc. may have made false and misleading statements to investors in documents issued in connection with the Company’s initial public offering (IPO).
Did you purchase or acquire Rivian shares pursuant to and/or traceable to the Company’s November 10, 2021 IPO? Speak to a lawyer.
Protect your rights by speaking with a Girard Sharp investment fraud attorney. Call us toll-free at (866) 981-4800 or submit your information below:
Speak to a Lawyer
More Details on the Rivian Automotive, Inc. Investigation
Rivian, an electric vehicle (“EV”) company, unveiled its first consumer EVs, the R1T electric pickup truck and the R1S electric SUV, in 2018.
R1T sales began in September 2021 and R1S sales were planned to begin in December 2021. As of October 31, 2021, Rivian reported “approximately 55,400 R1T and R1S preorders in the United States and Canada from customers who paid a cancellable and fully refundable deposit of $1,000.” At the time of its IPO, Rivian planned to produce only around 1,200 R1Ts and 25 R1Ss by the end of 2021. Based on Rivian’s production forecast, the Company expected to fill the 55,400 R1T and R1S preorder backlog by the end of 2023. Preorders for the R1T and R1S had grown to approximately 71,000 by December 15, 2021.
On March 1, 2022, Rivian announced that it was raising the prices of its R1T pickup and R1S SUV by 17% and 20%, respectively—and that these new prices would apply to nearly all preorders. As of March 1, Rivian had produced and sold only around 1,000 vehicles. As a result, Rivian’s share price fell almost 10%, closing at $61.91 on March 1, 2022. Since the IPO, the price of Rivian’s stock has fallen over 45%, closing as low as $42.28 per share on March 7, 2022. Rivian stock is trading well below its $78 IPO price.
On March 10, 2022, in reporting its fourth-quarter and calendar-year financial results for 2021, the Company disclosed that revenues of only $54 million had resulted in negative gross profit of $383 million, and a net loss inclusive of all costs of $2.46 billion, or $4.84 per share.
Did you purchase Rivian Automotive, Inc.’s common stock?
You may have a legal claim. Speak to an investment fraud attorney about your rights by calling 1.866.981.4800 or filling out the form at the top of the page.
Our Commitment to Excellence
Girard Sharp LLP represents investors, consumers, and institutions in class actions and other complex litigation nationwide. We serve on the Plaintiffs’ executive committee in the recent spoofing litigation against JPMorgan Chase that settled for $60 million, a favorable resolution that the district court preliminarily approved in December 2021. (S.D.N.Y. Case No. 1:18-cv-10356.) Our class action attorneys have obtained multimillion-dollar recoveries for victims of unfair and deceptive practices in antitrust, financial fraud, and consumer protection matters against some of the country’s largest corporations, including Raymond James, John Hancock, and Sears. Girard Sharp has earned top-tier rankings from U.S. News and World Report for Securities and Class Action Litigation and has been repeatedly selected as an Elite Trial Lawyers finalist by the National Law Journal.