• Latest
  • Trending
Rivian is sued for allegedly misleading investors about electric vehicle prices

Rivian is sued for allegedly misleading investors about electric vehicle prices

March 9, 2022
Inaugural AfCFTA Conference on Women and Youth in Trade

Inaugural AfCFTA Conference on Women and Youth in Trade

September 6, 2022
Instagram fined €405m over children’s data privacy

Instagram fined €405m over children’s data privacy

September 6, 2022
8 Most Common Causes of a Data Breach

5.7bn data entries found exposed on Chinese VPN

August 18, 2022
Fibre optic interconnection linking Cameroon and Congo now operational

Fibre optic interconnection linking Cameroon and Congo now operational

July 15, 2022
Ericsson and MTN Rwandacell Discuss their Long-Term Partnership

Ericsson and MTN Rwandacell Discuss their Long-Term Partnership

July 15, 2022
Airtel Africa Purchases $42M Worth of Additional Spectrum

Airtel Africa Purchases $42M Worth of Additional Spectrum

July 15, 2022
Huawei steps up drive for Kenyan talent

Huawei steps up drive for Kenyan talent

July 15, 2022
TSMC predicts Q3 revenue boost thanks to increased iPhone 13 demand

TSMC predicts Q3 revenue boost thanks to increased iPhone 13 demand

July 15, 2022
Facebook to allow up to five profiles tied to one account

Facebook to allow up to five profiles tied to one account

July 15, 2022
Top 10 apps built and managed in Ghana

Top 10 apps built and managed in Ghana

July 15, 2022
MTN Group to Host the 2nd Edition of the MoMo API Hackathon

MTN Group to Host the 2nd Edition of the MoMo API Hackathon

July 15, 2022
KIOXIA Introduce JEDEC XFM Removable Storage with PCIe/NVMe Spec

KIOXIA Introduce JEDEC XFM Removable Storage with PCIe/NVMe Spec

July 15, 2022
  • Consumer Watch
  • Kids Page
  • Directory
  • Events
  • Reviews
Sunday, 5 February, 2023
  • Login
itechnewsonline.com
  • Home
  • Tech
  • Africa Tech
  • InfoSEC
  • Data Science
  • Data Storage
  • Business
  • Opinion
Subscription
Advertise
No Result
View All Result
itechnewsonline.com
No Result
View All Result

Rivian is sued for allegedly misleading investors about electric vehicle prices

by ITECHNEWS
March 9, 2022
in Business, Leading Stories
0 0
0
Rivian is sued for allegedly misleading investors about electric vehicle prices

Rivian Automotive Inc has been sued by a shareholder who claimed the startup failed to tell investors it had underpriced its electric vehicles, leading to unpopular price hikes that it swiftly rolled back.

In a complaint filed on Monday in U.S. District Court in San Francisco, shareholder Charles Larry Crews said Rivian concealed how its R1S SUV and R1T pickup truck were so underpriced that it needed to raise prices soon after its November initial public offering.

YOU MAY ALSO LIKE

Inaugural AfCFTA Conference on Women and Youth in Trade

Instagram fined €405m over children’s data privacy

Crews said the increases “would tarnish Rivian’s reputation as a trustworthy and transparent company,” and risk cancellation of a large number of 55,400 preorders dating back to 2018.

He called the rollback, including an apology from Chief Executive R.J. Scaringe, a “futile attempt at damage control.”

Rivian did not immediately respond on Tuesday to requests for comment.

The proposed class action came after Irvine, California-based Rivian sparked a customer backlash, including on social media, on March 1 by raising the R1S’s price to $84,500 from $70,000, and the R1T’s price to about $79,500 from $67,500.

Rivian backtracked two days later, saying customers with existing preorders would not face the higher prices, and customers who had canceled orders could reinstate them.

“It was wrong and we broke your trust in Rivian,” Scaringe wrote customers in a March 3 letter. Rivian cited inflation pressures for the price increases.

The Amazon.com-backed company went public at $78.00 per share on Nov. 10, raising about $12 billion in the world’s largest IPO of 2021.

Its shares closed Monday at $42.43, after losing 37% of their value in the prior five trading days.

Crews said he bought 35 Rivian shares on its first day of trading at $112.83 each, 45% above the IPO price.

In an email, his lawyer Jacob Walker said federal securities laws provide “a very strong remedy” for investors when companies omit key facts from IPO materials.

The lawsuit names more than 30 defendants including Scaringe and lead IPO underwriters Goldman Sachs, JPMorgan Chase and Morgan Stanley.

The case is Crews v Rivian Automotive Inc et al, U.S. District Court, Northern District of California, No. 22-01433.

Source: Jonathan Stempel
Via: Reuters
Tags: Rivian is sued for allegedly misleading investors
ShareTweetShare
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.

Search

No Result
View All Result

Recent News

Inaugural AfCFTA Conference on Women and Youth in Trade

Inaugural AfCFTA Conference on Women and Youth in Trade

September 6, 2022
Instagram fined €405m over children’s data privacy

Instagram fined €405m over children’s data privacy

September 6, 2022
8 Most Common Causes of a Data Breach

5.7bn data entries found exposed on Chinese VPN

August 18, 2022

About What We Do

itechnewsonline.com

We bring you the best Premium Tech News.

Recent News With Image

Inaugural AfCFTA Conference on Women and Youth in Trade

Inaugural AfCFTA Conference on Women and Youth in Trade

September 6, 2022
Instagram fined €405m over children’s data privacy

Instagram fined €405m over children’s data privacy

September 6, 2022

Recent News

  • Inaugural AfCFTA Conference on Women and Youth in Trade September 6, 2022
  • Instagram fined €405m over children’s data privacy September 6, 2022
  • 5.7bn data entries found exposed on Chinese VPN August 18, 2022
  • Fibre optic interconnection linking Cameroon and Congo now operational July 15, 2022
  • Home
  • InfoSec
  • Opinion
  • Africa Tech
  • Data Storage

© 2021-2022 iTechNewsOnline.Com - Powered by BackUPDataSystems

No Result
View All Result
  • Home
  • Tech
  • Africa Tech
  • InfoSEC
  • Data Science
  • Data Storage
  • Business
  • Opinion

© 2021-2022 iTechNewsOnline.Com - Powered by BackUPDataSystems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version