VINFAST AUTO LTD. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
VinFast Auto Ltd.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired VinFast Auto Ltd. (“VinFast” or the “Company”) (NASDAQ: VFS) securities pursuant and/or traceable to the merger consummated on August 14, 2023, and/or between August 15, 2023 and January 17, 2024, inclusive. The lawsuit seeks to recover VinFast shareholders’ investment losses.
If you purchased securities in VinFast pursuant and/or traceable to the merger consummated on August 14, 2023, or between August 15, 2023 and January 17, 2024, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (i) VinFast lacked sufficient capital to execute its purported growth strategy; (ii) VinFast would be unable to meet its 2023 delivery targets; and (iii) accordingly, VinFast had overstated the strength of its business model and operational capabilities, as well as its post-Merger business and/or financial prospects.
On January 18, 2024, VinFast issued a press release revealing that it delivered a total of 34,855 Electric Vehicles in 2023, falling well short of its annual deliveries target of 40,000-50,000 units. In response, several market analysts commented on the Company’s disappointing announcement. For example, Barrons published an article entitled “Vietnamese Carmaker Vinfast Misses 2023 EVs Sales Target”, and noted that VinFast was “hoping to compete with EV giants such as Tesla” and was “listed on the Nasdaq in August, hitting headlines around the world as its valuation skyrocketed and then crashed.”
On this news, VinFast’s ordinary share price fell $0.13 per share, or 2.25%, to close at $5.64 per share on January 18, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than June 11, 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.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
