According to the Complaint, Defendants failed to disclose to investors that: (i) Rivian had overstated demand for its products, as well as its ability to withstand negative, near-term macroeconomic impacts; (ii) accordingly, Rivian’s business was experiencing reduced demand and increased customer cancellations as a result of, inter alia, high interest rates; (iii) as a result, Rivian’s order bank had significantly deteriorated; and (iv) all the foregoing was likely to, and did, negatively impact the Company’s anticipated earnings and vehicle production targets for 2024.

On February 21, 2024, Rivian announced its fourth quarter and full year 2023 financial results.  Among other items, Rivian announced that it expected to produce 57,000 vehicles in 2024 – significantly lower than analyst expectations of 80,000 vehicles.  The Company further forecasted an adjusted EBITDA loss of $2.7 billion for full year 2024, compared to analyst expectations of $2.59 billion, and announced plans to cut 10% of salaried staff, citing economic uncertainty.

On this news, Rivian’s stock price fell $3.94 per share, or 25.6%, to close at $11.45 per share on February 22, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than June 18, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

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