Recent Security Class Actions

According to the Complaint, Rivian Automotive, Inc. is an electric vehicle ("EV") company that purports to design, develop, and manufacture category-defining electric vehicles and accessories and sell them directly to customers in the consumer and commercial markets. In 2018 Rivian unveiled its first consumer EVs, the R1T electric pickup truck, and the R1S electric SUV.

This action is brought on behalf of investors that incurred damages on their purchases in Rivian common stock pursuant to or traceable to Rivian's Initial Public Offering ("IPO") on November 10, 2021.

On November 10, 2021, Rivian offered 153 million shares to the public through an IPO at a price of $78.00 per share for total proceeds of $11.93 billion. According to the Registration Statement, the "R1T and R1S introduce our brand to the world and will serve as our flagship vehicles as we continue to expand our offerings."

The Complaint alleges the Registration Statement's representations were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the R1T and R1S were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO and that these price increases would tarnish Rivian's reputation as a trustworthy and transparent company and would put a significant number of the existing backlog of 55,400 preorders along with future preorders in jeopardy of cancellation. As a result, the Complaint alleges the price of the Company's shares was artificially and materially inflated at the time of the Offering.