NEW YORK, April 16, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Innoviz Technologies Ltd. (“Innoviz” or the “Company”) (NASDAQ: INVZ) and certain officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 24-cv-01971 is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Innoviz securities between April 21, 2021 and February 28, 2023, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Innoviz securities during the Class Period, you have until May 14, 2024 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Innoviz designs and manufactures solid-state light detection and ranging, or “LiDAR”, sensors and develops perception software that purportedly enables the mass production of autonomous vehicles. The Company operates in Europe, Asia Pacific, the Middle East, Africa, and North America.
Shortly after Innoviz began publicly trading on the Nasdaq Stock Market in April 2021, the Company represented that it had entered into multiple contracts, partnerships, and/or collaborations with several noteworthy automotive original equipment manufacturers (“OEMs”) throughout the world. These relationships, the Company claimed, would purportedly “uniquely position” Innoviz to make autonomous driving a commercial reality, and could be “leveraged to penetrate and partner with other OEMs customers and Tier-1 suppliers.” For example, Innoviz touted that the Company’s “intense sustained cooperation with BMW [. . .] provides [its] engineers and other R&D personnel with a valuable competitive edge” and that “[t]he compelling nature of [the Company’s] approach and solution is demonstrated by [its] agreements with four Tier-1 suppliers, including Aptiv and Magna, both of which invested in [Innoviz], and Harman and Hirain, as well [Innoviz’s] 2018 selection by BMW to supply [the Company’s] automotive grade InnovizOne sensor for integration into new vehicle builds.”
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Innoviz had overstated the benefits that the Company was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (ii) as a result, the Company was unlikely to achieve the level of profitability that Defendants had represented to investors; (iii) accordingly, Innoviz had overstated its business and/or financial prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On March 1, 2023, during pre-market hours, Innoviz issued a press release announcing the Company’s financial and operational results for its fiscal full year (“FY”) 2022. Among other items, Innoviz reported GAAP FY 2022 earnings per share of -$0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. In addition, Innoviz guided for FY 2023 revenue to fall in the range of $12 million to $15 million, significantly below consensus estimates of $30 million. The Company’s disappointing FY 2022 results came as a surprise to investors given that Innoviz had previously extolled the benefits it would derive from its various partnerships with purported “Tier-1 companies.” Indeed, after a multi-year period of announcing partnerships with various automotive companies throughout the world, the press release reporting the Company’ FY 2022 results said conspicuously little about these supposed collaborations, referencing only its partnerships with BMW and Volkswagen.
On this news, Innoviz’s ordinary share price fell $0.71 per share, or 14.95%, to close at $4.04 per share on March 1, 2023.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
