NEW YORK, March 18, 2024 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Innoviz Technologies Ltd. (“Innoviz” or “the Company”) (NASDAQ: INVZ) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Innoviz securities between April 21, 2021 and February 28, 2023, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/INVZ.
Case Details:
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 publicly trading on the Nasdaq Stock Market (“NASDAQ”) in April 2021, the Company represented that it had entered into multiple contracts, partnerships, and/or collaborations with several noteworthy automotive original equipment manufacturers (“OEMs”) throughout the world. These relationships, the Company claimed, would purportedly “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 Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Innoviz had overstated he 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, the Company’s public statements were materially false and misleading at all relevant times.
On March 1, 2023, during pre-market hours, Innoviz issued a press release announcing the Company’s financial and operational results for its fiscal full year (“FY”) 2022. Among other items, Innoviz reported GAAP1 FY 2022 earnings per share (“EPS”) 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 guided 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, after a multi-year period of announcing partnerships with various automotive companies throughout the world, the press release reporting the Company’ FY 2022 results said conspicuously little about these supposed collaborations, referencing only its partnerships with BMW and Volkswagen.
On this news, Innoviz’s ordinary share price fell $0.71 per share, or 14.95%, to close at $4.04 per share on March 1, 2023.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/INVZ or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Innoviz you have until May 14, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | info@bgandg.com
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