Class Action
Jul. 7, 2023
Judge allows amended shareholder complaint against Rivian over pricing
A putative class action was filed as a consolidated complaint in July 2022, alleging that Rivian intentionally underpriced its R1S SUV and R1T pickup trucks before going public.
Rivian Automotive Inc. must face a securities lawsuit accusing the electric vehicle manufacturer of misleading customers about the price of its SUVs and trucks and defrauding shareholders before its 2021 initial public offering, a federal judge in Los Angeles ruled.
“What plaintiffs allege was concealed from investors is not a garden-variety adverse event, but a major obstacle to profitability unique to Rivian,” U.S. District Judge Joseph...
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