Enovix Corp. (NASDAQ: ENVX)

Join This Class Action

NEW YORK, NY –  January 11, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of those who acquired Enovix Corp. (“Enovix”) (NASDAQ: ENVX) securities between February 22, 2021 through January 3, 2023 (the “Class Period”), inclusive.

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. 

If you have incurred losses, you may, no later than March 7, 2023, request that the Court appoint you lead plaintiff of the proposed class.

Enovix focuses on the development and production of advanced silicon-anodelithium-ion batteries.

The filed complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose material adverse facts about Enovix’s revenues and ability to manufacture its proprietary battery technology, including the fact that Enovix’s manufacturing line was beset by defects and problems that prevented the Company from manufacturing its batteries at scale.

On November 1, 2022, Enovix released its Letter to Our Shareholders for Q3 2022, which reported that Enovix’s revenues for the third quarter were just $8,000, compared with a GAAP loss of $82.0 million.The letter also disclosed that Enovix had partially shutdown Fab-1, its first manufacturing facility, to implement had not been successful, and that the Company was now pivoting towards prioritizing its next generation manufacturing lines.

On this news, the price of Enovix shares declined by $7.46, or approximately 41.47%, from $17.99 to close at $10.53 on November 2, 2022.

On January 3, 2023, Defendant Thurman J. Rodgers, Executive Chairman of Enovix, hosted a “special presentation to shareholders” via conference call, during which he stated that “[Line 2 was] only a partial line. We only built half the line . . . we didn’t want to commit to the second half of the Line 2,until Line 1 worked.” Because of the problems with Lines 1 and 2, and the consequent failure to build additional production lines, Rodgers confirmed that Fab-1 was “doing less than 10% of what it should be doing.” Rodgers also acknowledged that the buildout of the Gen2 lines would be delayed by severalmonths, to the end of 2023 or beginning of 2024.

On this news, the price of Enovix shares declined by $4.97, or approximately 41.01%, from $12.12 to close at $7.15 on January 4, 2022.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact: 

Wolf Haldenstein Adler Freeman & Herz LLP

Patrick Donovan, Esq.

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774

 


Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Enovix Corp. (NASDAQ: ENVX). Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
  • Reset signature Signature locked. Reset to sign again
    Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 02/03/2023