A securities class action against Rivian Automotive, Inc. (“Rivian”), an electric vehicle company, has been consolidated in the Central District of California and will be led by Kessler Topaz Meltzer & Check, LLC, with Larson LLP as local counsel.
Daily Journal reported on the consolidated complaint, which was filed on July 22, and appointment of lead and local counsel for the class by U.S. District Judge R. Gary Klausner on July 5.
The class action alleges that Rivian, based in Irvine, California, underpriced its electric vehicles before an initial public offering. Shareholders sued Rivian in March, Daily Journal explained, “saying investors were swindled when the prices of Rivian’s R1S SUV and R1T vehicles were abruptly raised after the company went public on Nasdaq in November 2021.”
Jennifer L. Joost of Kessler Topaz and partner Stephen G. Larson filed the consolidated complaint, which asked the court for a jury trial. Partners Steven E. Bledsoe and Paul A. Rigali are part of the Larson team serving as local counsel for the class with Stephen.
Read the full article by Sunidhi Sridhar of Daily Journal here (subscription required).
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