Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Enovix Corporation (ENVX) Investors
Enovix investors have until March 7, 2023 to file a lead plaintiff motion.
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who 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 suffered a loss on your Enovix 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/Enovix-Corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
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.
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If you purchased or otherwise acquired Enovix common stock 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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