SAN FRANCISCO, CA / ACCESSWIRE / January 23, 2023 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends that investors in Rodgers Silicon Valley Acquisition Corp. ("Rodgers") and/or Enovix Corporation ("Enovix" or the "Company") who suffered losses from purchasing or otherwise acquiring Rodgers common stock (NASDAQ: RSVAC) and/or Enovix common stock (NASDAQ:ENVX) between February 22, 2021 and January 3, 2023 contact our attorneys immediately regarding pending securities fraud class action against Enovix. The deadline to apply to be a lead plaintiff is March 7, 2023.
Class Period: February 22, 2021 - January 3, 2023
Lead Plaintiff Motion Deadline: March 7, 2023
Case information: lieffcabraser.com/securities/enovix/
Contact us: Email or text [email protected] or call 1-800-541-7358
Enovix completed its merger with Rodgers, a former special purchase acquisition company, on July 14, 2021 and began trading publicly under its own ticker the following day.
The securities class action alleges that, throughout the Class Period, Enovix and certain of its senior executives made materially false and/or misleading statements, as well as failed to disclose that defendants overstated Enovix's ability to produce batteries at scale.
Investors began to learn the truth on November 1, 2022, when Enovix announced that it realized only $8,000 in revenue for the third quarter of 2022. The Company also revealed that it planned to focus its resources on developing its next-generation production facility rather than improving its existing production lines that, according to defendants, were not producing as much as Enovix had anticipated. Further, the Company announced that it expected to produce less than one million batteries in 2023. On this news, the price of Enovix common stock fell $8.34, or 41.47%, from its closing price of $17.99 per share on November 1, 2022, to close at $10.53 per share on November 2, 2022, on highly elevated trading volume.
On January 3, 2023, the Executive Chairman of Enovix, defendant Thurman J. Rodgers, disclosed that build-out of the Company's next-generation production facility would be delayed for several months because of equipment failures at the Company's existing production lines. On this news, the price of Enovix common stock fell $4.97, or 41%, to close at $7.15 per share on January 4, 2023, on highly elevated trading volume.
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SOURCE: Lieff Cabraser Heimann & Bernstein