The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Enovix Corporation (ENVX) Investors
LOS ANGELES--(BUSINESS WIRE)--Jan 12, 2023--
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired (a) Rodgers Silicon Valley Acquisition Corp. (“RSVAC”) common stock prior to July 15, 2021, and/or (b) Enovix Corporation (“Enovix” or the “Company”) (NASDAQ: ENVX ) common stock between February 22, 2021 and January 3, 2023, inclusive (the “Class Period”). Enovix investors have until March 7, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 15, 2021, Enovix became a public entity via business combination with RSVAC, a special purpose acquisition company.
On November 1, 2022, Enovix released its third quarter 2022 financial results, revealing that the Company had realized only $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 also 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 revealed in a special presentation 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.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants overstated Enovix’s ability to produce batteries at scale and its ability to deliver batteries ahead of competition.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Enovix securities during the Class Period, you may move the Court no later than March 7, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. 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 email@example.com, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230112005827/en/
CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Frank R. Cruz
Copyright Business Wire 2023.
PUB: 01/12/2023 04:01 PM/DISC: 01/12/2023 04:01 PM