ACCESS Newswire
23 Jan 2023, 20:25 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / January 23, 2023 / National plaintiffs law firm 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 from purchasing or otherwise acquiring Rodgers common stock (NASDAQ: RSVAC) and/or Enovix common stock (NASDAQ:ENVX) between February 22, 2021 and January 3, 2023 contact our attorneys immediately regarding 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 Pittsburgh Star 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 Pittsburgh Star.
More InformationHARRISBURG, Pennsylvania: Amazon is making a significant play in Pennsylvania, announcing plans to pour at least US$20 billion into...
When the Southeastern Pennsylvania Transportation Authority launched the 49 bus route in Philadelphia in early 2019, those who most...
To celebrate Father's Day, The Conversation U.S. asked Philadelphia anthropologist, playwright and poetic ethnographer Kimmika Williams-Witherspoon...
Taipei [Taiwan], June 11 (ANI): Taiwan Semiconductor Manufacturing Company (TSMC) climbed to the ninth spot in global market cap for...
Washington, DC [US], June 8 (ANI): A new type of mRNA vaccine is more scalable and adaptable to continuously evolving viruses such...
WASHINGTON, 7th June, 2025 (WAM) -- The United States recorded 122 new measles cases this week, with only four reported in Texas. Health...
TEL AVIV, Israel - Israel has suffered casualties as Iran fights back from the Jewish state's unprecedented unilateral attacks which...
WEST JERUSALEM, Israel - The Israel Air Force has launched a pre-emptive Pearl Harbour style air raid over Iran, dropping bombs over...
NEW DELHI, India - The world is in shock following Thursday's devastating plane crash in India which has killed at least 290 people,...
WASHINGTON, D.C.: The United States has placed sanctions on two sons of jailed Mexican drug lord Joaquin El Chapo Guzman. These two...
LONDON, UK: Frederick Forsyth, the renowned British author behind The Day of the Jackal and numerous other bestselling thrillers, has...
PUERTO PRINCESA, Philippines: A Chinese ship got stuck in shallow waters near a Philippine-controlled island in the disputed South...