Innoviz Technologies (INVZ) Disappointing Financial Results Case

The plaintiff has voluntarily dismissed the case, ending the lawsuit.

S.D. New York

Court

1:24-cv-01971

Case number

04/21/2021

Class period Start

02/28/2023

Class period End

05/15/2024

Lead Plaintiff motion deadline

$INVZ stockholder filed a claim vs. Innoviz for overstated prospects and benefits from partnerships contracts.
On March 1, 2023, news about financial results caused $INVZ to fall 14%, losing $117M+ in shareholder value.

After going public on NASDAQ in April 2021, Innoviz claimed to have partnered with major car makers globally.

Innoviz also highlighted their close collaboration with BMW, which they believed gave them a competitive edge.

They also mentioned partnerships with four Tier-1 suppliers, including Aptiv and Magna.
Additionally, they were chosen by BMW in 2018 to supply their automotive-grade InnovizOne sensor.

On March 1, 2023, Innoviz announced their fiscal year 2022 results, with earnings per share and revenue below expectations.

They also projected fiscal year 2023 revenue to be significantly lower than the expected $30M.

Following the announcement, $INVZ dropped 14% the same day.

Based on these events, $INVZ stockholder filed a claim against Innoviz and its leaders, accusing them of the following:

Innoviz overstated the benefits expected from contracts and partnerships with automotive companies.
Consequently, profitability levels were unlikely to meet investor expectations.

Considering all the representations, investors have reasons to suspect that Innoviz exaggerated benefits from car company contracts, leading to unrealistic profitability claims.

Case Status

Voluntary Dismissed

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

03/01/2023

Filing date

03/15/2024

Lead Plaintiff Deadline

05/15/2024