A securities class action has been filed in the USDC — E.D.N.Y. against VinFast Auto Ltd. (f/k/a Black Spade Acquisition Co.) (VFS) (“VinFast” or the “Company”), on behalf of a class consisting of all persons and entities that purchased or otherwise acquired VinFast securities: (a) pursuant and/or traceable to the Prospectus and Registration Statement (the “Offering Documents”) issued in connection with the merger (“Merger”) consummated on August 14, 2023 by and among the Company, Black Spade, and Nuevo Tech Limited, a Cayman Islands exempted company and wholly owned subsidiary of the Company (“Merger Sub”); and/or (b) between August 15, 2023 and January 17, 2024, both dates inclusive (the “Class Period”).
VinFast describes itself as “an innovative, full-scale mobility platform focused primarily on designing and manufacturing premium EVs (“electric vehicles”), e-scooters, and ebuses.” Founded and headquartered in Vietnam, the Company has since expanded its sales and operations into other markets, including Southeast Asia, North America, and Europe. Prior to the Merger, the Company operated as a publicly traded special purpose acquisition company (“SPAC”).
A SPAC, also called a blank-check company, is a development stage company that has no specific business plan or purpose or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person.
The complaint alleges, the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that:
(1) VinFast lacked sufficient capital to execute its purported growth strategy;
(2) VinFast would be unable to meet its 2023 delivery targets;
(3) accordingly, VinFast had overstated the strength of its business model and operational capabilities, as well as its post-Merger business and/or financial prospects; and
(4) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein, thereby harming investors.
If you purchased VinFast securities (a) pursuant and/or traceable to the Offering Documents issued in connection with the Merger; and/or (b) during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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