NEW YORK, Oct. 30, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.
The investigation focuses on whether Rivian and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On October 7, 2022, Rivian issued a recall of approximately 13,000 vehicles after identifying an issue with the steering system of the affected vehicles. Rivian said a tether connecting the upper control arm and the steering knuckle may have been installed incorrectly, which created a risk that the vehicles would become harder to control, increasing the risk of a crash.
On this news, Rivian’s stock price fell $2.47 per share, or 7.28%, to close at $31.48 per share on October 10, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
