Indiana Public Retirement System v. Rivian Automotive, Inc. et al, No. 24-cv-04566 (C.D. Cal.)

Indiana Public Retirement System v. Rivian Automotive, Inc. et al, No. 24-cv-04566 (C.D. Cal.)

Bernstein Liebhard is lead counsel representing the lead plaintiffs in a securities fraud class action entitled Indiana Public Retirement System v. Rivian Automotive, Inc. et al, No. 24-cv-04566 (C.D. Cal). Lead plaintiffs allege that the defendants issued materially false and misleading statements and omissions concerning the demand for the company’s electric vehicles and the company’s purported roadmap to achieving profitability, which was chiefly based on increasing production, in violation of Section 10(b) of the Securities Exchange Act. Specifically, lead plaintiffs allege that the defendants materially misled investors by guaranteeing that, based on their “clear visibility” into the company’s metrics, the demand for the Rivian’s electric vehicles was “strong”, stable, and would last “through 2024”, confirming the roadmap to profit’s thesis to investors. The truth about Rivian’s demand emerged in a series of disclosures and admissions by defendants that demand had actually weakened during the relevant period and the company would no longer achieve a profit based on the fundamentals of its business, causing the stock price to fall 25%. The action is pending.