VinFast Auto Ltd.

Company: VinFast Auto Ltd.
Ticker: VFS
Class Action Period: August 15, 2023 – January 17, 2024

0 Days Left Lead Plaintiff Deadline: June 11, 2024

Submit Your Information

If you suffered a loss on your VinFast Auto Ltd. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filling out this form mean you have joined any lawsuit.

First Name*

Last Name*

Email*

Phone*

City

State

Country

Total # of shares

First Purchase Date

Last Purchase Date

Estimated Loss Range

Check here if you still hold any shares.

Check here if you are a current or former employee of the company.

Check here if you purchased any shares before August 15, 2023

Additional Comments

Background

On October 15, 2023, Bloomberg reported that VinFast’s planned to aggressively move into Southeast Asian markets and that the Company would need to raise “a lot of capital” in order to fuel its global expansion plans and would “rely on [financial] support from parent company Vingroup SC and its founder Pham Nhat Vuong in the next 18 months.”

On this news, VinFast’s stock price fell $1.45, or 18.2%, to close at $6.53 per share on October 16, 2023, thereby injuring investors.

Then, on January 18, 2024, VinFast disclosed that it had delivered a total of 34,855 EVs in 2023, falling short of its target of 40,000-50,000 units.

On this news, VinFast’s stock price fell $0.13, or 2.3%, to close at $5.64 per share on January 18, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants failed to disclose to investors that: (1) VinFast lacked sufficient capital to execute its purported growth strategy; (2) VinFast would be unable to meet its 2023 delivery targets; (3) accordingly, VinFast had overstated the strength of its business model and operational capabilities, as well as its post-Merger business and/or financial prospects; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Submit Your Information