On March 7, 2022, Rivian Automotive was sued for violations of the federal securities laws in the United States District Court for the Central District of California on behalf of investors who purchased shares pursuant or traceable to the Company’s Registration Statement issued in connection with the Company’s November 2021 initial public stock offering (the "IPO" or the "Offering").
Recent Security Class Actions
According to the Complaint, C3.ai, Inc. operates as an enterprise AI software company. The Company offers a variety of SaaS applications for enterprises, as well as software solutions and integrated turnkey enterprise AI applications for oil and gas, chemicals, utilities, manufacturing, financial services, defense, intelligence, aerospace, healthcare, and telecommunications market segments. The Company also has purported strategic partnerships with Baker Hughes related to oil and gas markets; FIS related to financial services markets; Raytheon; and AWS, Intel, and Microsoft.
On November 13, 2020, C3.ai filed the Registration Statement on Form S-1 with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on December 8, 2020. On December 9, 2020, pursuant to the Registration Statement, C3.ai's Class A common stock began publicly trading. That same day, C3.ai filed the Prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement.
The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, the Complaint alleges Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Offering Documents and Defendants allegedly made false and/or misleading statements and/or failed to disclose that: (i) C3.ai's partnership with Baker Hughes was deteriorating; (ii) C3.ai's was employing a flawed accounting methodology to conceal the deterioration of its Baker Hughes partnership; (iii) C3.ai faced challenges in product adoption and significant salesforce turnover; (iv) the Company overstated, inter alia, the extent of its investment in technology, description of its customers, its total addressable market, the pace of its market growth, and the scale of alliances with its major business partners; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
On December 12, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 15, 2023.
On June 30, 2023, Lead Plaintiff voluntarily dismissed the Underwriter Defendants.
On February 16, 2022, SunPower Corporation was sued for violations of the federal securities laws in the United States District Court for the Northern District of California on behalf of investors who purchased the Company’s securities between August 3, 2021 and January 20, 2022.
On February 9, 2022, Fennec Pharmaceuticals was sued for violations of the federal securities laws in the United States District Court for the Middle District of North Carolina on behalf of investors who purchased the Company’s securities between May 28, 2021 and November 26, 2021.
On December 22, 2021, DocuSign was sued for violations of the federal securities laws in the United States District Court for the Eastern District of New York on behalf of investors who purchased the Company’s securities between March 27, 2020 and December 2, 2021.
On February 7, 2022, Biogen was sued for violations of the federal securities laws in the United States District Court for the District of Massachusetts on behalf of investors who purchased the Company’s shares between November 19, 2020 and November 12, 2021.
On January 24, 2022, Bumble Inc. was sued for violations of the federal securities laws in the United States District Court for the Southern District of New York on behalf of investors who purchased shares pursuant or traceable to the Company’s Registration Statement issued in connection with the Company’s September 2021 secondary public stock (the "SPO" or the "Offering").
On January 14, 2022, FirstCash was sued for violations of the federal securities laws in the United States District Court for the Northern District of Texas on behalf of investors who purchased the Company’s shares between February 1, 2018 and November 12, 2021.
On January 7, 2022, First Solar, Inc. was sued for violations of the federal securities laws in the United States District Court for the District of Arizona on behalf of investors who purchased the Company’s shares between February 22, 2019 and February 20, 2020.
On December 22, 2021, Chegg was sued for violations of the federal securities laws in the United States District Court for the Northern District of California on behalf of investors who purchased the Company’s shares between May 5, 2020 and November 1, 2021.
