ACCESSWIRE
02 Feb 2023, 00:55 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / February 1, 2023 / The national plaintiffs law firm of Lieff Cabraser Heimann & Bernstein, LLP recommends that investors in Rodgers Silicon Valley Acquisition Corp. ('Rodgers') and/or Enovix Corporation ('Enovix' or the 'Company') who suffered losses in Rodgers common stock (NASDAQ:RSVAC) and/or Enovix common stock (NASDAQ: ENVX) between February 22, 2021 and January 3, 2023 contact our law firm immediately for more information regarding the pending securities fraud class action against Enovix. The deadline to apply to be a lead plaintiff is March 7, 2023.
Class Period: February 22, 2021 - January 3, 2023
Lead Plaintiff Motion Deadline: March 7, 2023
Case information: lieffcabraser.com/securities/enovix/
Contact us: Email or text [email protected] or call 1-800-541-7358
Enovix completed its merger with Rodgers, a former special purchase acquisition company, on July 14, 2021 and began trading publicly under its own ticker the following day.
The securities class action alleges that, throughout the Class Period, Enovix and certain of its senior executives made materially false and/or misleading statements, as well as failed to disclose that defendants overstated Enovix's ability to produce batteries at scale.
Investors began to learn the truth on November 1, 2022, when Enovix announced that it realized only $8,000 in revenue for the third quarter of 2022. The Company also revealed that it planned to focus its resources on developing its next-generation production facility rather than improving its existing production lines that, according to defendants, were not producing as much as Enovix had anticipated. Further, the Company announced that it expected to produce less than one million batteries in 2023. On this news, the price of Enovix common stock fell $8.34, or 41.47%, from its closing price of $17.99 per share on November 1, 2022, to close at $10.53 per share on November 2, 2022, on highly elevated trading volume.
On January 3, 2023, the Executive Chairman of Enovix, defendant Thurman J. Rodgers, disclosed that build-out of the Company's next-generation production facility would be delayed for several months because of equipment failures at the Company's existing production lines. On this news, the price of Enovix common stock fell $4.97, or 41%, to close at $7.15 per share on January 4, 2023, on highly elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a 'Plaintiffs' Powerhouse' by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Source/Contact
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
[email protected]
SOURCE: Lieff Cabraser Heimann & Bernstein
Get a daily dose of Raleigh Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Raleigh Times.
More InformationNEW YORK, New York - U.S. stocks and the dollar made solid gains on Wednesday as banking sector fears continued ...
NEW YORK CITY, New York: In a legal filing, Twitter announced that parts of its source code - the fundamental ...
NEW YORK CITY, New York: Bloomberg News has reported that New Jersey-based Valley National Bancorp is bidding to purchase Silicon ...
NEW YORK, New York - U.S. stocks lipped on Tuesday as bond yields rose in the aftermath of the easing ...
DUBLIN, Ireland: US pharmaceutical giant Eli Lilly has said it will build a $1bn medicine manufacturing site in Limerick. Lily ...
WASHINGTON D.C.: The US National Transportation Safety Board has said that after an automated cockpit warning that switched off a ...
ROLLING FORK, Mississippi: A powerful tornado has struck Mississippi, killing at least 25 people, injuring dozens, flattening entire blocks and ...
Durham [UK], March 29 (ANI): Durham County Cricket Club announced on Wednesday that it has signed Australian spinner Matt Kuhnemann ...
Washington [US], March 29 (ANI): US President Joe Biden on Wednesday expressed his solidarity with the victims of the Nashville ...
DURHAM, North Carolina - President Joe Biden said Tuesday that Republicans' ideas for cutting the budget could undermine U.S. manufacturing ...
North Carolina State sophomore guard Terquavion Smith told ESPN on Tuesday that he is declaring for the NBA draft. Smith ...
Electricity generated from renewables surpassed coal in the United States for the first time in 2022, the U.S. Energy Information ...