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INVZ.US
id: 1141
Innoviz Technologies (INVZ) Disappointing Financial Results Case
S.D. New York
Court1:24-cv-01971
Case number04/21/2021
Class period Start02/28/2023
Class period End05/15/2024
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