The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Innoviz Technologies Ltd. (INVZ) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Innoviz Technologies Ltd. (“Innoviz” or the “Company”) (NASDAQ: INVZ) securities between April 21, 2021 and February 28, 2023, inclusive (the “Class Period”). Innoviz investors have until May 14, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On March 1, 2023, Innoviz released its fiscal full year 2022 financial results, reporting GAAP earnings per share of negative $0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. Additionally, the Company issued 2023 guidance in the range of $12 to $15 million, significantly below consensus estimates of $30 million.

On this news, Innoviz’s stock price fell $0.71, or 15%, to close at $4.04 per share on March 1, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Innoviz had overstated the benefits that the Company was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (2) as a result, the Company was unlikely to achieve the level of profitability that Defendants had represented to investors; (3) accordingly, Innoviz had overstated its business and/or financial prospects; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Innoviz securities during the Class Period, you may move the Court no later than May 14, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Innoviz securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240325223632/en/

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Innoviz Technologies Ltd. (INVZ) Investors