PHILADELPHIA, March 21, 2024 (GLOBE NEWSWIRE) -- Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Innoviz Technologies Ltd. (“Innoviz” or the “Company”) (NASDAQ: INVZ) on behalf of purchasers of Innoviz’s securities between April 21, 2021 and February 28, 2023, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired Innoviz securities during the Class Period may, no later than May 14, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or CLICK HERE.
Innoviz designs and manufactures solid-state light detection and ranging, or “LiDAR,” sensors and develops perception software that purportedly enables the mass production of autonomous vehicles. The Company operates in Europe, Asia Pacific, the Middle East, Africa, and North America.
Shortly after Innoviz began to trade publicly in April 2021, the Company represented that it had entered into contracts, partnerships, and/or collaborations with several noteworthy automotive original equipment manufacturers (“OEMs”) globally. According to the defendants, these relationships would “uniquely position” Innoviz to make autonomous driving a commercial reality, and could be “leveraged to penetrate and partner with other OEMs customers and Tier-1 suppliers.”
For example, Innoviz touted that the Company’s “intense sustained cooperation with BMW [. . .] provides [its] engineers and other R&D personnel with a valuable competitive edge” and that “[t]he compelling nature of [the Company's] approach and solution is demonstrated by [its] agreements with four Tier-1 suppliers, including Aptiv and Magna, both of which invested in [Innoviz], and Harman and Hirain, as well [Innoviz's] 2018 selection by BMW to supply [the Company's] automotive grade InnovizOne sensor for integration into new vehicle builds.”
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Innoviz had overstated the benefits that it was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (ii) as a result, the Company was unlikely to achieve the level of profitability that the defendants had represented to investors; and (iii) accordingly, Innoviz had overstated its business and/or financial prospects.
On March 1, 2023, Innoviz issued a press release announcing the Company's financial and operational results for its fiscal full-year 2022. Among other items, Innoviz reported GAAP 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. In addition, Innoviz issued guidance for FY 2023 revenue to fall in the range of $12 million to $15 million, significantly below consensus estimates of $30 million. The Company's disappointing FY 2022 results came as a surprise to investors given that Innoviz had previously extolled the benefits it would derive from its various partnerships with purported “Tier-1 companies.” Indeed, the March 1, 2023 press release said conspicuously little about these supposed collaborations – referencing only its partnerships with BMW and Volkswagen.
On this news, Innoviz's share price fell $0.71 per share, or 14.95%, to close at $4.04 per share on March 1, 2023.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
