SHAREHOLDER ALERT: Pomerantz Law Firm Investigates ClaimsOn Behalf of Investors of Enovix Corporation (f/k/a Rodgers Silicon Valley Acquisition Corp.) - ENVX; RSVA
NEW YORK, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Enovix Corporation f/k/a Rodgers Silicon Valley Acquisition Corp. (“Enovix” or the “Company”) (NASDAQ: ENVX; RSVA). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Enovix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 1, 2022, Enovix announced its financial results for the third quarter of 2022. Enovix revealed that in the quarter, it realized just $8,000 in revenue. Moreover, it revealed that it would be “dialing back” its work on improving the Gen1 lines in favor of shifting its focus to its future Gen2 lines because the supposed improvements were not having the desired results on output. Consequently, Enovix “anticipate[d] achieving lower overall output from Fab-1 in 2023.”
On this news, Enovix’s stock price fell $8.34 per share, or 44.2%, over the following two trading sessions, closing at $10.53 per share on November 2, 2022.
Then, on January 3, 2023, Thurman J. Rodgers, Enovix’s Executive Chairman, held a special presentation for investors via conference call, during which Rodgers revealed that the Company’s second production facility and Gen2 lines would be delayed by several additional months because of the equipment failures experienced in the Fab-1 lines.
On this news, Enovix’s stock price fell $4.97 per share, or 41.01%, to close at $7.15 per share on January 4, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980