ACCESSWIRE
25 Jan 2023, 05:55 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / January 24, 2023 / Hagens Berman urges Enovix Corporation (NASDAQ:ENVX) investors who suffered significant losses to submit your losses now.
Class Period: Feb. 22, 2021 - Jan. 3, 2023
Lead Plaintiff Deadline: Mar. 7, 2023
Visit: https://www.hbsslaw.com/investor-fraud/ENVX
Contact An Attorney Now: ENVX@hbsslaw.com
844-916-0895
Enovix Corporation (ENVX) Securities Fraud Class Action:
The litigation focuses on Enovix's past assurances about the viability of its plan to achieve its first meaningful revenue of $176 million in 2023, that its Fab-1 manufacturing facility could scale, and that it had the ability to deliver its batteries years ahead of the competition.
According to the complaint, at the time Enovix went public, its only manufacturing facility and equipment ('Fab-1' and 'Gen1', respectively) were beset by defects and technical problems that prevented the company from manufacturing its batteries at scale, despite then-CEO Harrold Rust's stating that the company was focused on producing for 'mass-market applications.'
The complaint further alleges that, throughout the Class Period, Defendants overstated Enovix's ability to produce batteries at scale, misleadingly touting the company's 'meaningful progress' in scaling up Fab-1, and falsely stating that this progress 'positions us to deliver 100% active silicon anode lithium-ion batteries with energy densities years ahead of the competition.'
Enovix's assurances began to come into question on Nov. 1, 2022, when the company announced disappointing Q3 revenues of just $8,000. The company also revealed that it was pivoting to and prioritizing its next generation manufacturing lines and expected lower overall Fab-1 output in 2023.
Then, on Jan. 3, 2023 Enovix held a business update call with investors, during which its Executive Chairman acknowledged 'people are openly questioning if the product is manufacturable' and revealed, among other things, that Fab-1 was 'doing less than 10% of what it should be doing.'
Each of these events drove the price of Enovix shares crashing lower.
'We're focused on investors' losses and proving Enovix lied about the real Fab-1 and Gen1 capabilities,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Enovix and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Enovix should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ENVX@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of Phoenix Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Phoenix Herald.
More InformationBEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...
BEIJING, China: Local authorities said a fire at the Shanjiaoshu coal mine in Guizhou province, southern China, killed 16 people ...
MADISON, Wisconsin: Last week, five flamingos were seen along a Lake Michigan beach in Wisconsin, attracting a large crowd of ...
LONDON, UK: The UK government said over the weekend that it could downscale the scope of the High Speed 2 ...
LAHAINA, Hawaii: This week, officials are expected to begin lifting restrictions on entry to the burn zone in Lahaina, Hawaii, ...
LONG ISLAND, New York: On Thursday, a bus carrying members of a high school marching band traveling to a music ...
NEW YORK, New York - There was a major bust on Wall Street on Tuesday as investors continued to fret ...
DETROIT, Michigan: This week, the United Auto Workers (UAW) expanded its members' strike to include dealers selling and servicing General ...
TOKYO, Japan: Toyota Motor (7203.T) is ramping up its production of electric vehicles (EVs) under both the Toyota and luxury ...
WASHINGTON D.C.: After consumer complaints of oil pump failures, the National Highway Traffic Safety Administration's (NHTSA) Office of Defects Investigation ...
NEW YORK, New York - With no major news Monday, and nothing on the horizon, U.S. stocks remained little moved, ...
WASHINGTON D.C.: In a small but rare reduction to its headcount, which has grown steadily since 2010, the US Federal ...