INVESTOR ALERT: Edelson Lechtzin LLP Reminds Enovix Corporation (NASDAQ: ENVX) Shareholders of Lead Plaintiff Deadline
News provided byEdelson Lechtzin LLP
Jan 24, 2023, 3:00 PM ET
NEWTOWN, Pa., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Edelson Lechtzin LLP reminds investors who purchased Enovix Corporation (“Enovix”) (NASDAQ: ENVX) common stock between February 22, 2021, and January 13, 2023 (the “Class Period”) of the March 7, 2023 deadline to move the U.S. District Court for the Northern District of California to appoint them as lead plaintiff.
Additionally, investors who held shares of Rodgers Silicon Valley Acquisition Corp. (“RSVAC”) common stock on June 11, 2021 (prior to RSVAC’s merger with Enovix), but did not elect to redeem their shares, may have unique legal claims concerning alleged misstatements and material omissions in the Proxy Statement which sought shareholder approval for the merger.
Securities Fraud Claims Against Enovix Corporation
Enovix designs, develops and manufactures silicon-anode lithium-ion batteries. The company went public on July 15, 2021, by merging with RSVAC, a special purpose acquisition company (“SPAC”). The SPAC structure allowed defendants to avoid the regulatory scrutiny of the normal IPO process. After Enovix was acquired by RSVAC, the company changed its name to Enovix Corporation, and RSVAC’s publicly traded shares became Enovix shares.
The Complaint alleges that defendants made false and misleading statements about Enovix’s ability to produce its battery technology on a scale that would be large enough for the company to transition from being focused on R&D to high-volume production. On November 1, 2022, the company announced its financial results for the third quarter of 2022, which cast doubt on the company’s ability to transform into a high-volume battery producer. On this news, the price of Enovix stock fell from a close of $18.87 per share on October 31, 2022, to $10.53 per share by the close of trading on November 2, 2022, a 44% decline.
On January 3, 2023, it was revealed that the company’s second production facility and production lines would be delayed due to equipment failures. On this news, Enovix’s share price dropped 41% from a close of $12.12 per share to a close of $7.15 on January 4, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.