Rivian R1T electric truck on display on Capitol Hill in Washington, D.C., on Wednesday, November 17, 2021. The electric pickup truck by Rivian, manufactured in an old Mitsubishi plant in Normal, Illinois, began delivering to customers in September at a starting price of $67,500. Photo: Diego M. Radzinschi/ALM California EV Maker Rivian Accused of Securities Fraud in New Class Action
The complaint, filed on Friday in the Central District of California, claims that Rivian made "materially false and misleading statements."
June 03, 2024 at 08:03 PM
3 minute read
Automotive
What You Need to Know
- On May 31, 2024, plaintiffs filed a class action lawsuit against EV maker Rivian accusing it of securities fraud over a two-year period.
- The complaint arrives in the wake of recent workforce reductions and reported struggles with production at the company.
- Rivian's financial situation reflects broader negative sentiment about the profitability of the EV sector.
Following a string of workforce cuts, disappointing earnings calls and stock market slumps in the past year, California electric vehicle (EV) manufacturer Rivian faces a new securities class action alleging that it defrauded investors.
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