Enovix Corporation (f/k/a Rodgers Silicon Valley Acquisition Corp.)

Ticker: ENVX, RSVA

Class Period Start: 02/22/2021

Class Period End: 01/03/2023

Registration Deadline: 03/07/2023

A securities class action lawsuit has been filed in the USDC — N.D.CA. against Enovix Corporation (ENVX) on behalf of investors that incurred damages on their purchases in Enovix Corp. common stock between February 22, 2021 through January 3, 2023 (the “Class Period”).

Enovix designs, develops, and manufactures silicone-anode lithium ion batteries using proprietary 3D cell architecture, which the Company claims allow its batteries to achieve higher energy density. On July 15, 2021, Enovix became a publicly traded company by merging with a special purpose acquisition company (“SPAC”), after being acquired by the Rodgers Silicon Valley Acquisition Corp. (“RSVAC”) on July 14, 2021.
At the time Enovix went public, the Company’s only manufacturing line was beset by defects and technical problems that prevented the Enovix from manufacturing its batteries at scale, despite then CEO, Harrold Rust’s stating that the Company was focused on producing for “mass-market applications.”

Throughout the class period, defendants overstated Enovix’s ability to produce batteries at scale, touting the Company’s “meaningful progress” in scaling up its manufacturing facility, and its being positioned to deliver batteries ahead of competitions, despite its continued manufacturing issues.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements that overstated the Company’s ability to produce batteries at scale, touting the Company’s “meaningful progress” in scaling up its manufacturing facility, and its being positioned to deliver batteries ahead of competitions, despite its continued manufacturing issues.

On November 1, 2022, Defendants disclosed that the Company would shift its focus from its Gen1 lines to developing its Gen2 lines and accordingly reduced its projections for Fab-1 production in 2023. On this news, the Company fell from a close of $18.87 per share on October 31, 2022, to $10.53 per share by the close of trading on November 2, 2022, a 44% decline.

On January 3, 2023, Defendant Rodgers hosted a special presentation for investors. During this presentation, he announced that the Company’s Gen2 manufacturing lines would be further delayed because of the need to avoid the same problems plaguing the Gen1 lines. On this news, the Company’s share price dropped 41% from a close of $12.12 per share on January 3, 2022 to a close of $7.15 on January 4, 2022.

If you purchased Enovix securities during the Class Period and would like to join the action, please click “Submit Your Information” above.

 

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