Shareholder Lawsuit

[Texasrivian]

https://www.reuters.com/legal/trans...back-electric-vehicle-price-hikes-2022-03-08/

What are your thoughts? This is concerning to me and the downward lows of RIVN.

I still want my R1S. Lol

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[Gator42]

Not surprising at all. I'm no expert but work in finance and see shareholder suits all the time. Many are like meritless ambulance chasing but to me this one has a bit of substance...

 

[BigE]

The lawsuit is not surprising and most likely has merit to it. I'm still an avid supporter of Rivian, but these self-inflicted errors need to stop asap.

 

[Gator42]

What's interesting is they probably got the ball rolling on the suit after the price increase but before the rollback. I bet they had to alter their language...that whole 'futile damage control' bit

 

[IlliniRivian]

This lawsuit was an obvious outcome of the price increase and stock price fall.

If Rivian's legal team did not warn management they were absolutely going to face a lawsuit like this after announcing the price increase then they need to seriously reconsider the advice they are getting.

 

[fotoflux]

There will be a leadership reckoning soon. This may be big enough that RJ may either be forced to step down from day to day management or have his hands tied by the board and restrict his executive powers.

 

[IlliniRivian]

Paragraph 79 of the complaint quotes directly from two posts on this forum and the customer reaction.

 

[astonius]

Paragraph 79 of the complaint quotes directly from two posts on this forum and the customer reaction.

Do you have a link to the doc?

 

[jmoore227]

Paragraph 79 of the complaint quotes directly from two posts on this forum and the customer reaction.

Link to the complaint:

https://assets-global.website-files.../62268d5cd46fcbacdafcda3a_RivianComplaint.pdf

 

[kurtlikevonnegut]

Discovery will be key here. If there is a smoking gun email or testimony then Rivian will be in trouble. Without a smoking gun that clearly indicates that they premeditated the price increase for after the IPO to inflate the stock price, I don't think Rivian will have difficulty justifying the price increase.

 

[Longhorngirl]

https://www.reuters.com/legal/trans...back-electric-vehicle-price-hikes-2022-03-08/

What are your thoughts? This is concerning to me and the downward lows of RIVN.

I still want my R1S. Lol

Any accountants here? I have been wondering if Rivian will get in trouble with the IRS. They gave employees cars that were undervalued to forego taxes. It seems to me that employees got $12k-$20k in additional compensation that was not taxed.

 

[kurtlikevonnegut]

Any accountants here? I have been wondering if Rivian will get in trouble with the IRS. They gave employees cars that were undervalued to forego taxes. It seems to me that employees got $12k-$20k in additional compensation that was not taxed.

Not an accountant, but companies have been providing employees with company cars for as long as cars have existed as a perk to avoid taxes. Rivian has the added benefit of being able to justify it as a widescale testing program, which is something software companies do as well.

 

[Canthoney]

Paragraph 79 of the complaint quotes directly from two posts on this forum and the customer reaction.

All right, who’s the person sueing here? Come on, speak up we won’t be mean ?

 

[ironpig]

This was inevitable. I wouldn't put much stock in a class-action suit that is using this forum's complaint posts as one of their basis for the lawsuit.

 

[Ladiver]

This was inevitable. I wouldn't put much stock in a class-action suit that is using this forum's complaint posts as one of their basis for the lawsuit.

Yeah, referencing internet forums does show the caliber of the attorney. Now, the question is if Rivian has anything better? In most litigation, you don't have to be right. You just have to be better at lieing than the other side.

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