Enovix Corp. (NASDAQ: ENVX)
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 firstname.lastname@example.org 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 email@example.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Tel: (800) 575-0735 or (212) 545-4774
Certification and Authorization Pursuant to Federal Securities Laws
Date of signing: 02/03/2023