Enovix Corporation Securities Class Litigation
Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired the common stock of Rodgers Silicon Valley Acquisition Corp. (“Rodgers”) (NASDAQ: RSVAC) and/or Enovix Corporation (“Enovix” or the “Company”) (NASDAQ: ENVX) between February 22, 2021 and January 3, 2023, inclusive (the “Class Period”).
If you purchased or otherwise acquired Rodgers or Enovix common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 7, 2023. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Rodgers and Enovix investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, text or email firstname.lastname@example.org, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the Enovix Securities Class Litigation
Enovix, a Delaware corporation with its principal executive office in Fremont, California, designs and manufactures lithium-ion batteries. Enovix claims that its proprietary “3D cell architecture” allows its batteries to store more energy than traditional lithium-ion batteries. On February 22, 2021, Enovix announced plans to go public via a merger with a special purpose acquisition company (“SPAC”) and set a goal of delivering batteries to customers and becoming profitable before the second quarter of 2022. Enovix completed its SPAC merger 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.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.