NEW YORK, Jan. 25, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Enovix Corp. f/k/a Rodgers Silicon Valley Acquisition Corp. ("Enovix" or the "Company") (NASDAQ: ENVX, RSVA) and reminds investors of the March 7, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Enovix stock or options between February 22, 2021 and January 3, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/ENVX.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
Enovix designs, develops, and manufactures silicone-anode lithium ion batteries using proprietary 3D cell architecture, which the Company claims allow its batteries to achieve higher energy density. On July 15, 2021, Enovix became a publicly traded company by merging with a special purpose acquisition company ("SPAC"), after being acquired by the Rodgers Silicon Valley Acquisition Corp. ("RSVAC") on July 14, 2021.
At the time Enovix went public, the Company's only manufacturing line was beset by defects and technical problems that prevented the Enovix from manufacturing its batteries at scale, despite then CEO, Harrold Rust's stating that the Company was focused on producing for "mass-market applications."
Throughout the class period, defendants overstated Enovix's ability to produce batteries at scale, touting the Company's "meaningful progress" in scaling up its manufacturing facility, and its being positioned to deliver batteries ahead of competitions, despite its continued manufacturing issues.
On November 1, 2022, Enovix released a Letter to Shareholders for Q3 2022 in which it reported third quarter revenue of only eight thousand dollars, despite prior promises of delivery commercial products on a meaningful scale. Additionally, the Q3 letter disclosed that Enovix was pivoting and prioritizing its next generation manufacturing lines, altering previously announced commercialization timelines.
Following these disclosures, Enovix shares plummeted 44% from its October 31, 2022 closing price to when the market closed on November 2, 2022.
Then on January 3, 2023, Enovix held a "special presentation to shareholders" during which new CEO Thurman Rodgers disclosed further issues with both productions lines, with one line "doing less than 10% of what it should be doing," and that revenues investors had previously been told to expect in early 2024 were no longer possible due to buildout delays.
On this news, Enovix shares plunged 41% in intraday trading on January 4, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Enovix's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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