|Company Name||Enovix Corporation|
|Class Period||February 22, 2021 to January 03, 2023|
|Lead Plaintiff Motion Deadline||March 07, 2023|
On July 15, 2021, Enovix became a public entity via business combination with Rodgers Silicon Valley Acquisition Corp. (“RSVAC”), a special purpose acquisition company.
On November 1, 2022, Enovix released its third quarter 2022 financial results, revealing that the Company had realized only $8,000 in revenue that quarter. Furthermore, it revealed that it would be “dialing back” its work on improving the Company’s Gen1 lines in favor of shifting its focus to future Gen2 lines because the supposed improvements were not having the desired results on output. Enovix also stated that it “anticipate[d] achieving lower overall output from Fab-1 in 2023.”
On this news, Enovix’s stock price fell $8.34, or 44.2%, to close at $10.53 per share on November 2, 2022, thereby injuring investors.
Then, on January 3, 2023, the Company’s Executive Chairman revealed in a special presentation that the Company’s second production facility and Gen2 lines would be delayed by several months because of equipment failures.
On this news, Enovix’s stock price fell $4.97, or 41%, to close at $7.15 on January 4, 2023, 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, Defendants overstated Enovix’s ability to produce batteries at scale and its ability to deliver batteries ahead of competition.
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