VinFast Auto Ltd. Class Action Lawsuit - VFS
Case Summary
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The VinFast class action lawsuit seeks to represent purchasers or acquirers of VinFast Auto Ltd. (NASDAQ: VFS; VFSWW) securities: (i) between August 15, 2023 and January 17, 2024, inclusive (the “Class Period”); and/or (ii) pursuant and/or traceable to VinFast’s offering documents issued in connection with the merger consummated on August 14, 2023 with VinFast, Black Spade Acquisition Co., and Nuevo Tech Limited (the “Merger”). Captioned Comeau v. VinFast Auto Ltd., No. 24-cv-02750 (E.D.N.Y.), the VinFast class action lawsuit charges VinFast and certain of VinFast’s top current and former executives and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the VinFast class action lawsuit, please provide your information in the form on this page. You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the VinFast class action lawsuit must be filed with the court no later than June 11, 2024.
CASE ALLEGATIONS: VinFast describes itself as “an innovative, full-scale mobility platform focused primarily on designing and manufacturing premium EVs (“electric vehicles”), e-scooters, and e-buses.” Prior to the Merger, VinFast operated as a publicly traded special purpose acquisition company (SPAC or blank-check company).
The VinFast class action lawsuit alleges that defendants throughout the Class Period and in the offering documents made false and/or misleading statements and/or failed to disclose that: (i) VinFast lacked sufficient capital to execute its purported growth strategy; (ii) VinFast would be unable to meet its 2023 delivery targets; and (iii) accordingly, VinFast had overstated the strength of its business model and operational capabilities, as well as its post-Merger business and/or financial prospects.
The VinFast class action lawsuit further alleges that on October 15, 2023, Bloomberg published an article entitled “VinFast to Expand Into Southeast Asia, Raise More Capital,” which revealed that VinFast would need to raise “a lot of capital” in order to fuel its global expansion plans and would “rely on [financial] support from parent company Vingroup JSC and its founder Pham Nhat Vuong in the next 18 months.” On this news, the price of VinFast ordinary shares fell more than 18%, according to the complaint.
Then, on January 18, 2024, the complaint further alleges that VinFast revealed that it delivered a total of 34,855 EVs in 2023, falling well short of its annual deliveries target of 40,000-50,000 units. On this news, the price of VinFast ordinary shares fell, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired VinFast securities during the Class Period and/or pursuant and/or traceable to the offering documents in connection with the Merger to seek appointment as lead plaintiff in the VinFast class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the VinFast class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the VinFast class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the VinFast class action lawsuit.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.