#United States #Class Action #Kessler Topaz #Los Angeles #Rivian Automotive

Class Action Against Rivian Automotive, Inc.

On December 9, 2024, Kessler Topaz Meltzer & Check, LLP announced the certification of a class action involving Rivian Automotive, Inc. The action is notably centered around purchasers of Rivian's Class A common stock during a specified period. This legal move has significant implications for anyone who bought shares from November 10, 2021, to March 10, 2022.

Background of the Case

The legal action is spearheaded by Charles Larry Crews Jr., representing a class of individuals and entities affected by potential misrepresentations made during Rivian's Initial Public Offering (IPO). The court has designated this case as Case No. 222-cv-01524-JLS-E, filed in the Central District of California.

What This Means for Investors

Investors who purchased Rivian stock within the specified time frame may be part of the class that has been certified. This class excludes those who bought shares at the IPO price, potentially leaving them with claims against Rivian's executive officers and directors, as well as the underwriters involved in the IPO.

It is essential for class members to be aware that while the court has certified the class, the action has not yet been adjudicated or settled. The announcement serves as a notification for all implicated parties about the ongoing nature of this case.

Class Details and Requirements

The class is defined based on two sets of claims:

• - For the 1934 Act claims: Individuals who acquired the stock between November 11, 2021, to March 10, 2022.
• - For the 1933 Act claims: Individuals who purchased shares between November 10, 2021, and March 10, 2022.

Both classes currently exclude various stakeholders, including the defendants and their immediate families. The court has appointed representatives for the class, specifically Sjunde AP-Fonden and James Stephen Muhl, with Kessler Topaz Meltzer & Check, LLP acting as class counsel.

Rights of Class Members

If you fall within the class's parameters, your rights could be significantly affected by the proceedings. A detailed long-form Notice of Pendency will be made available to class members, indicating the next steps and crucial dates to keep in mind. For example, class members must retain any documentation reflecting their transactions in Rivian stock, as this will be pivotal moving forward.

If you prefer not to be part of the class, you have the option to exclude yourself, but you must submit a written request by March 4, 2025. The instructions for exclusion are outlined in the forthcoming detailed notice. It is critical to emphasize that opting out means you forfeit any eligibility to receive compensation that may result from this action, should it lead to financial recovery for the class.

Further Information and Assistance

Investors should stay informed by reviewing updates about the case on the dedicated website, RivianSecuritiesLitigation.com. For any inquiries or comments beyond the notice distribution, Kessler Topaz Meltzer & Check, LLP encourages reaching out via phone or email. They are available to address questions concerning your status in the ongoing litigation.

In conclusion, this class action against Rivian Automotive serves as an important reminder to investors about the complex legal landscape surrounding IPOs and the obligations that come with stock ownership in publicly traded companies. As developments unfold, remaining informed and vigilant will be essential for all parties involved.