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Price when back to the $24 range, down from the upper $26 range where it peaked last week.

"Rivian’s shares sink after a report a legal battle with a supplier could delay Amazon vans! It is enmeshed in a lawsuit against a supplier of seats for delivery vans ordered by Amazon, the Wall Street Journal reported! "
  • Rivian is enmeshed in a lawsuit against a supplier of seats for delivery vans ordered by Amazon, The Wall Street Journal reported.
  • The dispute could hinder Rivian’s ability to deliver the vans as promised.
  • Rivian’s shares fell almost 7% Monday.
 

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RJ picked an interesting time to buy more shares. I wonder if is a sign the stock will turn around.
"Rivian founder and CEO RJ Scaringe bought 41,000 shares of company stock worth about $1 million, a securities filing posted Monday afternoon shows.

Scaringe now holds 169,175 shares of direct stock worth $4,205,690, based on Monday’s closing price. He also holds 4.3 million indirect shares via a trust and 4,595 indirect shares through an LLC.

The purchase comes as Rivian shares fell Monday following news of a legal dispute with a seat supplier that puts its Amazon electric van program at risk and Ford’s disclosure that it has sold another 7 million of its holdings in the company.

A Rivian spokesperson declined to comment on why Scaringe was buying the stock now.

Rivian debuted as a publicly traded company in November with an opening share price of $106.75, a price that made it one of the largest IPOs in U.S. history and put its market cap above GM and Ford. (At the time, GM’s market cap was $86.31 billion; Ford’s was $78.2 billion.)

The company’s share price reached as high as $179.47 a week later. But a combination of general volatility in the market and material disclosures by Rivian have caused its share price to fall more than 75% since its public market opener.

Ford, which held a 12% stake, or about 102 million shares, of Rivian, sold 8 million shares of the company earlier this month. That initial sale, prompted Rivian shares to fall more than 17%. On May 13, Ford sold another 7 million shares, pushing its total stake below 10%.

That “below 10%” threshold means that Ford no longer has to file a Form D with the U.S. Securities and Exchange Commission. According to the SEC’s rules, “insiders” that own 10% or more shares have to report most of their transactions involving the company’s equity securities to the SEC within two business days on Forms 3, 4 or 5.

As a beneficial owner, Ford will still have to file a Schedule 13D report, which is required within 10 days of transaction, until its stake falls below 5%.

The article has been updated to clarify that Scaringe’s shares purchase came as shares fell Monday; the share price was not at a new low."
 
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