Technology,
Securities,
Civil Litigation
Mar. 11, 2022
Rivian EV startup accused of deceiving investors in runup to IPO
The Irvine The complaint states, “This case arises from untrue statements of material fact as well as the omission of other facts necessary in order to make statements contained in the Registration Statement not materially false or misleading.”
A shareholder of Rivian sued the Irvine-based electronic vehicle company for allegedly deceiving investors by underpricing its vehicles by thousands of dollars before its public offering.
A lawsuit filed in the Central Districts of California, accuse Rivian of concealing how its R1S SUV and R1T pickup truck were so underpriced that the company was required to raise prices soon after it was listed on the Nasdaq in November. $95
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