SAN DIEGO, Jan. 9, 2023 /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Enovix Corporation f/k/a Rodgers Silicon Valley Acquisition Corp. (NASDAQ: ENVX) common stock between February 22, 2021 and January 3, 2023, inclusive (the "Class Period") have until March 7, 2023 to seek appointment as lead plaintiff in the Enovix class action lawsuit. Captioned Twitchell v. Enovix Corporation, No. 23-cv-00071 (N.D. Cal.), the Enovix class action lawsuit charges Enovix and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Enovix class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
CASE ALLEGATIONS: Enovix purports to design, develop, and manufacture silicon-anode lithium-ion batteries using proprietary 3D cell architecture, which Enovix claims allows its batteries to achieve higher energy density. On July 14, 2021, Enovix was officially acquired by Rodgers Silicon Valley Acquisition Corp., a special purpose acquisition company (commonly known as a SPAC or blank-check company). Just months before the merger, Enovix received key equipment to establish its first manufacturing line at its "Fab-1" facility in Fremont, California.
The Enovix class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose material adverse facts about Enovix's revenue and ability to manufacture its proprietary battery technology. For example, as the Enovix class action lawsuit alleges, Fab-1's supposedly "automated" manufacturing lines were beset by problems that required significant manual intervention to produce batteries. In addition, machines that were meant to yield 550 batteries per hour could only complete around 100.
On November 1, 2022, Enovix announced it realized just $8,000 in revenue for the third quarter of fiscal year 2022. Enovix also revealed that it would be "dialing back" its work on improving existing manufacturing lines to focus on its future manufacturing lines. Additionally, Enovix revealed it anticipated producing fewer than one million batteries in 2023. On this news, Enovix's stock price declined approximately 44%.
Then, on January 3, 2023, defendant Thurman J. Rogers, Enovix's Executive Chairman, revealed that Enovix's second production facility and future manufacturing lines would be delayed by several additional months because of equipment failures. On this news, Enovix's stock price declined an additional 41%, further damaging investors.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller's SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
