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Judge says Rivian (RIVN) must face lawsuit claiming it defrauded IPO investors

July 6, 2023 1:32 PM EDT

U.S. District Judge Josephine Staton in Los Angeles has decided that Rivian Automotive (NASDAQ: RIVN) must face a lawsuit claiming it defrauded shareholders during and after its blockbuster 2021 initial public offering. According to the lawsuit filed by lead plaintiff Sjunde AP-Fonden, on behalf of shareholders from Nov. 10, 2021 to March 10, 2022, Rivian underpriced its electric vehicles, leading to unpopular price hikes.

Judge Straton indicated that shareholders can attempt to demonstrate that Rivian, despite... More