SHAREHOLDER ALERT: Robbins LLP Informs Shareholders of Class Action Against Rivian Automotive, Inc. (RIVN)

SAN DIEGO--(BUSINESS WIRE)--The Class: Shareholder rights law firm Robbins LLP informs investors that a shareholder filed a class action on behalf of persons and entities that purchased Rivian Automotive, Inc. (NASDAQ: RIVN) common stock pursuant to the Company's November 19, 2021 initial public offering ("IPO"). Rivian designs and manufactures electric vehicles – the R1T electric pickup truck and R1S electric SUV.

If you would like more information about Rivian Automotive, Inc.'s misconduct, click here.

What is this Case About: Rivian Automotive, Inc. (RIVN) Made False and Misleading Statements in its Offering Documents in Support of its IPO

According to the complaint, Rivian began selling the R1T in September 2021 and planned to begin selling the R1S 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 approximately 1,200 R1Ts and 25 R1Ss by the end of 2021, with the all preorders filled by end of 2023.

Rivian completed its IPO on November 10, 2021, selling shares at $78.00 per share for total proceeds of $11.93 billion. However, unbeknownst to investors, the Registration Statement failed to disclose that the R1T and R1S were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO. Subsequently, these price increases would tarnish Rivian's reputation as a trustworthy and transparent Company and would put a significant number of its backlog orders as well as future orders in jeopardy of cancellation. Accordingly, the price of the Company's shares was artificially inflated at the time of the IPO. At the time the complaint was filed, Rivian shares traded at $42.43 per share, significantly below the Company's $78.00 IPO price.

Next Steps: If you acquired shares of Rivian Automotive, Inc. pursuant to the Company's IPO, you have until May 6, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
[phone]
[e-mail]
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Rivian Automotive, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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