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Innoviz Technologies Ltd. Class Action Lawsuit - INVZ

30 days left to seek lead plaintiff status

Case Summary

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The Innoviz class action lawsuit seeks to represent purchasers or acquirers of Innoviz Technologies Ltd. (NASDAQ: INVZ; INVZW) securities between April 21, 2021 and February 28, 2023, inclusive (the “Class Period”).  Captioned Lucid Alternative Fund, LP v. Innoviz Technologies Ltd., No. 1:24-cv-01971 (S.D.N.Y.), the Innoviz class action lawsuit charges Innoviz and certain of Innoviz’ top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Innoviz class action lawsuit, please provide your information in the form on this page.  You can also contact attorney 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 Innoviz class action lawsuit must be filed with the court no later than May 14, 2024.

CASE ALLEGATIONS: Innoviz designs and manufactures solid-state light detection and ranging, or “LiDAR,” sensors and develops perception software.

The Innoviz class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Innoviz had overstated the benefits that Innoviz was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (ii) as a result, Innoviz was unlikely to achieve the level of profitability that defendants had represented to investors; and (iii) accordingly, Innoviz had overstated its business and/or financial prospects.

The Innoviz class action lawsuit further alleges that on March 1, 2023, Innoviz reported GAAP fiscal year 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.  Innoviz further disclosed that its guidance for fiscal year 2023 would be expected to fall in the range of $12 million to $15 million, significantly below consensus estimates of $30 million, the complaint further alleges.  On this news, the price of Innoviz stock fell nearly 15%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Innoviz securities during the Class Period to seek appointment as lead plaintiff in the Innoviz 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 Innoviz class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Innoviz class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Innoviz class action lawsuit.

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 is ranked #1 on the most recent 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 tops 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.

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