Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Rivian Automotive, Inc. (RIVN) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Rivian investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/rivian-automotive-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On November 10, 2021, Rivian conducted its initial public offering (“IPO”), selling 153 million shares of common stock for $78.00 per share.

On March 1, 2022, Rivian announced that it was raising the prices of its R1T pickup by 17% and its R1S SUV by 20%, and that the new prices would apply to nearly all preorders. At the time of the announcement, Rivian had only produced and sold roughly 1,000 vehicles while the number of preorders for the R1T and R1S had grown to approximately 71,000 as of December 15, 2021. The Company’s chief growth officer explained that the price increase was due to “inflationary pressure, increasing component costs, and unprecedented supply chain shortages and delays for parts.”

Then, on March 2, 2022, ARS Technica published an article stating that “[w]hile inflation is likely part of the story, the price hike may have been planned for a while,” citing a lawsuit by Rivian’s former VP of sales and marketing alleging that “concerns over profitability were raised in spring 2021.”

On this news, Rivian’s stock fell $8.41, or 13.5%, to close at $53.56 per share on March 2, 2022, thereby injuring investors.

Then, on March 3, 2022, Rivian’s CEO apologized to customers and stated that the Company would honor original prices for preorders placed prior to the price increase announcement. But an article by The Wall Street Journal reported that some customers who had cancelled their orders did not reinstate them “[e]ven after learning that [their] original price would be honored.”

On this news, Rivian’s stock price fell $2.65 and currently trades significantly below the IPO price.

Follow us for updates on LinkedIn, Twitter, or Facebook.

Whistleblower Notice: Persons with non-public information regarding Rivian should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com