Class action suit against Rivian

[Tim-in-CA]

Ambulance chasers are moving forward . Just got this in my email today from National Financial Services / Verita Global
.
https://www.riviansecuritieslitigation.com/

Nothing yet for me. I hold the stock at Merril Lynch. I'll be on the lookout for it, but in the end, if there is any "settlement" it will be pennies per share ... most will go to the lawyers!!

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[Hereforthesnacks]

Well, they should chime in and give some insight about this case...

Having seen many, many lawsuits, we only have 30% of the story. Courts are good at sorting things out.

 

[E. Swenson]

Having seen many, many lawsuits, we only have 30% of the story. Courts are good at sorting things out.

I bought stock when it first came out and held on to it. Someday, maybe , it will approach what I paid for it. Maybe my grandson will see that....

 

[Hereforthesnacks]

I bought stock when it first came out and held on to it. Someday, maybe , it will approach what I paid for it. Maybe my grandson will see that....

Haha. Me too. We are in the same boat. Everything I’ve seen publicly shows me the company is mismanaged. Classic founder who really can’t lead an organization. But I am sure there is more than meets the eye.

 

[Rade]

I bought stock when it first came out and held on to it. Someday, maybe , it will approach what I paid for it. Maybe my grandson will see that....

Got turned onto Rivian at the NY Auto show back in the late 20-teens. R1T and R1S prototypes on display. Back then, the mock-up of the R1T really had that not-quite-an-F-150 vibe to it, and came to learn that Ford had partnered with Rivian to develop drivetrains(?).

I bought RIVN at the IPO because I never learned... NEVER.. EVER buy stock at an IPO. Watched it plummet (Ford pulled out shortly after the IPO which set the collapse in motion). Unloaded it when it hovered around $100 a share and took the losses.

I also did not like RJ. He was out there at every press conference hyping the company, and to me, he seemed really out of touch with the people (like me) who need a truck to do truck things. It was always about "Having adventures and experiences!". For us an adventure is going to a nursery and experiencing finding plants on closeout. We don't off-road or rock-crawl. Not into camping. Roughing it for us is any hotel under three stars and no microwave oven in the room. But hauling stuff? Yes, we're homeowners. We when we need to haul crap, we need to haul crap, and we do prefer a truck for cross country road trips (you never know what you will find along the way).

So we observed Rivian. It remained stable, even through the pandemic. The first vehicles delivered were not total disasters (not like Lordstown) and only improved from there. Wanted to order one; husband said wait and continue to observe. We waited. Prices kept creeping up (along with EVERY auto manufacturer). I liked the specs of the Gen2 architecture and initial reviews were stellar. Then they offered leasing! That was it! Sold.

We're nearly a month into owning our R1T-Large. IMHO, it is the BEST vehicle we have ever bought! Solid, comfortable, does truck stuff (hauled our Christmas tree to home last weekend).

Will I ever buy Rivian stock again? Don't think so. The industry stocks just don't move a lot once they get into a certain price point. I think Rivian is right where it's going to be for a long time. Of course, please prove me wrong. Will we buy another Rivian? As the Magic 8-ball says "Signs point to Yes".

 

[E. Swenson]

So how long should I hold out for the R2? Getting older every day..

 

[Donald Stanfield]

So how long should I hold out for the R2? Getting older every day..

Until 2026 when Rivian says they will be making them. If you want one of course.

 

[R1Tom]

I have Rivian stock in three different brokerages and have not seen anything on this....odd...

 

[E. Swenson]

Until 2026 when Rivian says they will be making them. If you want one of course.

Wonder if I will be around 70 now,,,who kno

I have Rivian stock in three different brokerages and have not seen anything on this....odd...

LOS ANGELES, Dec. 9, 2024 /PRNewswire/ --
UNITED STATES DISTRICT COURT
FOR THE CENTRAL DISTRICT OF CALIFORNIA
WESTERN DIVISION

CHARLES LARRY CREWS, JR. Individually and on Behalf of All Others Similarly Situated,		Case No. 2:22-cv-01524-JLS-E
Plaintiffs,		CLASS ACTION
v.
RIVIAN AUTOMOTIVE, INC., et al.,
Defendants.

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED RIVIAN AUTOMOTIVE, INC. CLASS A COMMON STOCK BETWEEN NOVEMBER 10, 2021, AND MARCH 10, 2022, INCLUSIVE, AND WERE DAMAGED THEREBY.
YOU ARE HEREBY NOTIFIED, pursuant to Federal Rule of Civil Procedure ("Rule") 23 and by Order of the United States District Court for the Central District of California, that the above-captioned action ("Action") against Rivian Automotive, Inc. ("Rivian"), certain of Rivian's executive officers and directors, and the underwriters that facilitated the offer and sale of Rivian Class A common stock through the company's Initial Public Offering ("IPO") on November 10, 2021 (collectively, "Defendants"), has been certified as a class action on behalf of the following Classes (also referred to herein as "Class"):

 

[sub]

I completely agree that Rivian was in the wrong here. There is no way they didn't know that they were advertising unrealistic prices and ETA's long before they came clean about it. And that lie absolutely was relevant to their value as a company.

That said, even though I am a member of the class and could in theory get a refund on that bad investment, I really hope Rivian figures out a way to wiggle out of this. If Rivian were forced to refund investors all of that IPO money, they would go bankrupt in an instant. And I have a lot more to lose by Rivian following Fisker's footsteps (leaving us with $80,000 paperweights) than I do by not recovering what I lost from IPO investments.

 

[Mark_AZR1T]

I bought stock when it first came out and held on to it. Someday, maybe , it will approach what I paid for it. Maybe my grandson will see that....

Grandson? You're a man of great faith

 

[E. Swenson]

Grandson? You're a man of great faith

All you need in this life is ignorance and confidence, and then success is sure.’ – Mark Twain

 

[Zoidz]

I also did not like RJ. He was out there at every press conference hyping the company, and to me, he seemed really out of touch with the people (like me) who need a truck to do truck things. It was always about "Having adventures and experiences!". For us an adventure is going to a nursery and experiencing finding plants on closeout. We don't off-road or rock-crawl. Not into camping. Roughing it for us is any hotel under three stars and no microwave oven in the room. But hauling stuff? Yes, we're homeowners. We when we need to haul crap, we need to haul crap, and we do prefer a truck for cross country road trips (you never know what you will find along the way).

Sorry, but this is just whining. Forget Rivian....What's wrong with a company coming up with a business plan and target market and enthusiastically selling to that market? Nothing. That does not mean RJ is out of touch. In fact, it indicates the opposite - he did not want to compete in a market where Rivian could potentially slaughtered by the Big Three.

It's like complaining that Martin Guitars does not make a solid body electric guitar and is out of touch. They have a business plan and target customer and they sell to that market. Are they out of touch because they don't sell an electric solid body guitar? No.

 

[UnsungZero_OldTimeAdMan]

I also did not like RJ. He was out there at every press conference hyping the company

What on earth. That is exactly the job of a CEO. Have you not ever held a job?

 

[E. Swenson]

I can't wait, but I will have to. The R2 would be Perfect for us. Learning patience all over again. And the stock that I bought..just a distant memory, but don't remind me.

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