RADNOR, Pa., Jan. 25, 2023 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Enovix Corporation ("Enovix") (NASDAQ: ENVX) f/k/a Rodgers Silicon Valley Acquisition Corp. The action charges Enovix with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Enovix's materially misleading statements and omissions to the public, Enovix's investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: MARCH 7, 2023
CLASS PERIOD: FEBRUARY 22, 2021 THROUGH JANUARY 3, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at firstname.lastname@example.org
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
ENOVIX'S ALLEGED MISCONDUCT
Enovix purports to design, develop, and manufacture silicon-anode lithium-ion batteries using proprietary 3D cell architecture, which Enovix claims allows its batteries to achieve higher energy density. On July 14, 2021, Enovix was officially acquired by Rodgers Silicon Valley Acquisition Corp., a special purpose acquisition company. Just months before the merger, Enovix received key equipment to establish its first manufacturing line at its "Fab-1" facility. Although Enovix had previously produced and delivered sample batteries using its pilot production line, the pilot line produced only 20 batteries per day. Building a full-scale production facility was therefore a key step to producing batteries at a commercial level.
In November 2021, Enovix announced that it had begun developing a second automated production line at its Fab-1 facility. The second line, Enovix told investors, would be a "workhorse" focusing on batteries for mobile electronics, such as laptops and smartphones, thereby supporting Enovix's "ramp" to achieve meaningful scale and revenue in the consumer electronics market starting in 2023.
On November 1, 2022, however, Enovix revealed that it realized just $8,000 in revenue for the third quarter of fiscal year 2022. Enovix also revealed that it would be "dialing back" its work on improving existing manufacturing lines to focus on its future manufacturing lines. Additionally, Enovix disclosed that it anticipated producing fewer than one million batteries in 2023. Following this news, Enovix's stock price declined approximately 44%.
Then, on January 3, 2023, Enovix's Executive Chairman revealed that Enovix's second production facility and future manufacturing lines would be delayed by several additional months because of equipment failures. Following this news, Enovix's stock price declined an additional 41%.
WHAT CAN I DO?
Enovix investors may, no later than March 7, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Enovix investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Enovix, captioned Twitchell v. Enovix Corporation, et al., (23-cv-00071), is filed in the United States District Court for the Northern District of California before the Honorable Susan Yvonne Illston.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
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