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A lawfirm (Pomerantz LLP) is investigating claims from Rivian investors concers about "whether Rivian and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices."

The concerns stem from the Rivian recall announcement in October but I'm not really sure what there is to investigate here. Anyone have any guesses?


NEW YORK, Nov. 14, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Rivian Automotive, Inc. (""Rivian" or the "Company"). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Rivian and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

On October 7, 2022, Rivian issued a recall of approximately 13,000 vehicles after identifying a problem with the affected vehicles' steering system. Rivian stated that a fastener connecting the upper control arm and steering knuckle may have been installed incorrectly, which created a risk of that the vehicles could become more difficult to control, raising the risk of a crash.

On this news, Rivian's stock price fell $2.47 per share, or 7.28%, to close at $31.48 per share on October 10, 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.
 
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