The Law Offices of Frank R. Cruz Announces Investigation of Enovix Corporation (ENVX) on Behalf of Investors
LOS ANGELES--(BUSINESS WIRE)--Jan 10, 2023--
The Law Offices of Frank R. Cruz announces an investigation of Enovix Corporation (“Enovix” or the “Company”) (NASDAQ: ENVX ) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On July 15, 2021, Enovix became a public entity via business combination with Rodgers Silicon Valley Acquisition Corp. (“RSVAC”), a special purpose acquisition company.
On November 1, 2022, Enovix released its third quarter 2022 financial results, revealing that the Company had only realized $8,000 in revenue that quarter. Furthermore, it revealed that it would be “dialing back” its work on improving the Company’s Gen1 lines in favor of shifting its focus to future Gen2 lines because the supposed improvements were not having the desired results on output. Enovix stated that it “anticipate[d] achieving lower overall output from Fab-1 in 2023.”
On this news, Enovix’s stock price fell $8.34, or 44.2%, to close at $10.53 per share on November 2, 2022, thereby injuring investors.
Then, on January 3, 2023, the Company’s Executive Chairman held a special presentation in which he revealed that the Company’s second production facility and Gen2 lines would be delayed by several months because of equipment failures.
On this news, Enovix’s stock price fell $4.97, or 41%, to close at $7.15 on January 4, 2023, thereby injuring investors further.
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If you purchased Enovix securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CLASS ACTION LAWSUIT
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2023.
PUB: 01/10/2023 05:50 PM/DISC: 01/10/2023 05:51 PM