LOS ANGELES, May 08, 2024 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 11, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired VinFast Auto Ltd. (“VinFast” or the “Company”) (NASDAQ: VFS) f/k/a Black Spade Acquisition Co., (“Black Spade”), securities: (a) pursuant and/or traceable to the Offering Documents issued in connection with the August 2023 merger (“Merger”) by and among the Company, Black Spade, and Nuevo Tech Limited; and/or (b) between August 15, 2023 and January 17 2024, both dates inclusive (the “Class Period”).
If you suffered a loss on your VinFast investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/VinFast-Auto-Ltd/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On October 15, 2023, Bloomberg reported that VinFast planned to aggressively move into Southeast Asian markets and that the Company would need to raise “a lot of capital” in order to fuel its global expansion plans and would “rely on [financial] support from parent company Vingroup SC and its founder Pham Nhat Vuong in the next 18 months.”
On this news, VinFast’s stock price fell $1.45, or 18.2%, to close at $6.53 per share on October 16, 2023, thereby injuring investors.
Then, on January 18, 2024, VinFast disclosed that it had delivered a total of 34,855 EVs in 2023, falling short of its target of 40,000-50,000 units.
On this news, VinFast’s stock price fell $0.13, or 2.3%, to close at $5.64 per share on January 18, 2024, thereby injuring investors further.
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, the Offering Documents and Defendants failed to disclose to investors 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, 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 or otherwise acquired VinFast securities during the Class Period, you may move the Court no later than June 11, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
