NEW YORK, NY / ACCESSWIRE / November 25, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Enovix Corporation ("Enovix" or the "Company") (NASDAQ:ENVX). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.
The investigation concerns whether Enovix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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After the close of trading on November 1, 2022, Enovix announced its 2022 third-quarter financial results, which fell significantly below expectations. Specifically, the Company reported a net loss of $23.2 million, or $.15 per share. The Company further stated that recorded revenue was $8k, as opposed to analyst estimates of $0.4M, "which consisted of a modest number of batteries shipped to customers for qualification programs and pre-production end-product builds[,]" and that "[t]he majority of batteries shipped during the quarter were samples that did not generate revenue."
On this news, Enovix's stock price fell $7.46 per share, or 41.47%, to close at $10.53 per share on November 2, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. 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 in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.