Shareholder Sues Rivian Over Price-Hike Rollback
When Rivian announced that it would be significantly raising the prices of its R1S electric SUV and R1T electric pickup, including for customers who had preordered and not yet received the vehicles, the burgeoning automaker was beset on all sides by unhappy clientele and investors. Even though the company eventually reversed the price hike for existing reservation holders, there’s some disapproval with how the situation unfolded.
Charles Larry Crews, Jr., a Rivian shareholder, is the named party in a lawsuit rubbed against Rivian on Monday, Reuters reports. The complaint, which was rubbed in the US District Court in San Francisco, claims that Rivian’s post-IPO stamp hike “would tarnish Rivian’s reputation as a trustworthy and cloudless company and would put a significant number of the existing backlog of 55,400 preorders downward with future preorders in jeopardy of cancellation,” according to a statement from Block & Levinton LLP, the law firm that rubbed the suit on Crews’ behalf.
The issue at hand is whether or not this exclusive negatively impacted shareholders. In its statement, Block & Levinton LLP claimed that Rivian’s pre-IPO statements “were materially erroneous, misleading and/or incomplete because they failed to disclose, beside other things, that the R1T and R1S were underpriced to such a degree that Rivian would have to reconsideration prices shortly after the IPO.” The firm is today seeking other investors who feel that Rivian’s decision cost them money.
“The federal vows laws provide a very strong remedy for investors in an IPO when a matter makes an untrue statement or omits to disclose key facts in their offering materials,” a spokesperson for Block & Levinton LLP wrote in an emailed statement to Roadshow. “We look forward to litigating this case on on behalf of of Rivian investors.” Rivian declined to comment to Roadshow, citing “ongoing litigation.”
Rivian found itself in hot soak on March 1, when the company announced a series of $12,000 stamp hikes for its R1S and R1T models, including vehicles already preordered and awaiting delivers. Backlash was near-immediate, and just two days later, the matter announced that it would honor pre-hike pricing for reservation holders and funding those who canceled their preorders to get the novel price. In an apology email to those affected, Rivian CEO RJ Scaringe exwrathful inflation and component costs as the reasons behind the initial stamp adjustments.
Shareholder Sues Rivian Over Price-Hike Rollback. There are any Shareholder Sues Rivian Over Price-Hike Rollback in here.
About Me
Total Pageviews
Search This Blog
Blog Archive
-
-
-
- Samsung Galaxy S21 FE review: A great $700 phone t...
- Fossil's new always-on smartwatch looks like a sma...
- TCL 30 Z Brings Android 12 to an Under-$100 Phone
- Apple Watch Series 7 drops to all-time low for the...
- Galaxy S10 vs. Galaxy S9, S10 Plus, S10E, S10 5G: ...
- Hulu Plus Live TV Adds Unlimited DVR to Base Price...
- Galaxy S20, Z Flip foldable, Galaxy Buds Plus: Wha...
- Apple Watch Series 5 vs. Fitbit Versa 2: Best smar...
- Galaxy Note 8's coolest S Pen stylus tricks
- Best Cheap Phones for 2022: iPhone, Galaxy, Pixel ...
- Before Galaxy Z Fold 2 arrives: These were the fir...
- Galaxy Watch 3 review: A stunning smartwatch with ...
- Galaxy S20 vs. S20 Ultra vs. S20 Plus: Who should ...
- Jabra Enhance Plus Review: The Future of Earbuds C...
- New and Rumored Verizon Phones in 2022: iPhone SE,...
- Apple Watch SE vs. Series 6 vs. Series 3: How to c...
- Samsung Galaxy S10 Plus review: Killer cameras and...
- Shareholder Sues Rivian Over Price-Hike Rollback
- Samsung Galaxy Fold review: The device that piqued...
- Garmin Venu Sq review: A solid fitness tracker wit...
- Best time to trade in your old Galaxy S phones? Ri...
- New Hiking-Focused Insert From Superfeet Lowers th...
- Is Samsung's Galaxy S22 Ultra Worth the Upgrade? L...
- Galaxy Watch 5 Leak Shows 360-Degree Views of Upco...
- Galaxy S9 vs. Galaxy S9 Plus: What's the difference?
- Lower Prescription Drug Prices: How Cost Plus Drug...
- Samsung Galaxy S22 Plus Review: Samsung's Middle C...
- Apple Watch Series 7: 6 Months Later, I'm Still Lo...
- We Put the Galaxy S22 Ultra's Camera to the Test
- Ecobee's Smart Thermostat Enhanced Has All the Bas...
- Amazon Prime Day Samsung Deals: Galaxy S22 Lineup ...
- Apple Watch 8: Every Rumor to Know Before the Big ...
- Galaxy S21 drop test: Samsung's newest phones didn...
- Lucid Air Lineup Sees Massive Price Hike Due to Su...
- Google is still no Samsung, but the Pixel 6 might ...
- Save $75 on Samsung's Sleek Galaxy Watch 4 Today O...
- Samsung's less expensive Galaxy S20 FE is 'very mu...
- 2023 Subaru BRZ Pricing Announced: The Price of Fu...
- Next Motorola Razr, Code-Named Maven, Appears to L...
- Zepp E smartwatch hands-on: Gorgeous hardware marr...
- Become a Galaxy Note 20 pro with these 10 hidden f...
- Pokemon Home: Price, Features and Everything You N...
- Google's Pixel Fold Rumors: Will It Arrive This Year?
- Fitbit Sense review: An ambitious smartwatch that'...
- Samsung Galaxy S21 FE camera testing: See how it c...
- VW ID Buzz German Pricing Revealed. Here's What Th...
- Samsung to bring Galaxy smartphone repair service ...
- I've tried a lot of fitness trackers, and this und...
- Galaxy A52 5G review: Samsung's best budget phone ...
- Anycubic Kobra Plus 3D Printer Hands-On: A Boost i...
- Samsung now lets you 'Buy and Try' Galaxy foldable...
- OnePlus Watch: Premium looks without the premium p...
- Samsung Galaxy S II (AT&T) review: Samsung Galaxy ...
- Xiaomi Mi Smart Projector 2: High Style, Low Brigh...
- Galaxy S22 Deals: Up to $1,000 Off at Best Buy, $9...
-
-
-
-
-
-
-
-
-