A lawsuit was filed on behalf of investors in Enovix Corporation (NASDAQ:ENVX) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/19/2023 -- An investor, who purchased shares of Enovix Corporation (NASDAQ: ENVX), filed a lawsuit over alleged Securities Laws violations by Enovix Corporation.
Investors who purchased shares of Enovix Corporation (NASDAQ: ENVX) have certain options and for certain investors are short and strict deadlines running. Deadline: March 7, 2023. NASDAQ: ENVX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Fremont, CA based Enovix Corporation designs, develops, and manufactures lithium-ion batteries using proprietary 3D cell architecture, which the Company claims allow its batteries to achieve higher energy density.
On July 15, 2021, Enovix Corporation became a publicly traded company by merging with a special purpose acquisition company ("SPAC"), after being acquired by the Rodgers Silicon Valley Acquisition Corp. ("RSVAC") on July 14, 2021.
At the time Enovix Corporation went public, the Company's only manufacturing line was beset by defects and technical problems that prevented the Enovix from manufacturing its batteries at scale, despite then CEO, Harrold Rust's stating that the Company was focused on producing for "mass-market applications."
On November 1, 2022, Enovix Corporation released a Letter to Shareholders for Q3 2022 in which it reported third quarter revenue of only eight thousand dollars, despite prior promises of delivery commercial products on a meaningful scale. Additionally, the Q3 letter disclosed that Enovix was pivoting and prioritizing its next generation manufacturing lines, altering previously announced commercialization timelines.
Then on January 3, 2023, Enovix Corporation held a "special presentation to shareholders" during which new CEO Thurman Rodgers disclosed further issues with both productions lines, with one line "doing less than 10% of what it should be doing," and that revenues investors had previously been told to expect in early 2024 were no longer possible due to buildout delays.
Shares of Enovix Corporation (NASDAQ: ENVX) declined to as low as $6.50 per share on January 04, 2023.
The plaintiff claims that between February 22, 2021 and January 3, 2023, the defendants overstated Enovix's ability to produce batteries at scale, touting the Company's "meaningful progress" in scaling up its manufacturing facility, and its being positioned to deliver batteries ahead of competitions, despite its continued manufacturing issues.
Those who purchased shares of Enovix Corporation (NASDAQ: ENVX) have certain options and should contact the Shareholders Foundation.
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