Rivian agrees to settle shareholder lawsuit for $250 million

4 days ago 2

Rivian has agreed to settle a 2022 shareholder lawsuit. The automaker will pay out $250 million to qualifying investors if the agreement is approved. The lawsuit stemmed from alleged deception surrounding a March 2022 price hike for the R1S SUV and R1T truck.

The class-action lawsuit alleges that Rivian misled investors around the time of its 2021 IPO. The core accusation is that the automaker failed to disclose that the R1s and R1T were initially priced lower than their production costs. Shareholders claim this made the eventual price increases inevitable, something they (understanda...

Source: https://www.engadget.com/transportation/evs/rivian-agrees-to-settle-shareholder-lawsuit-for-250-million-171251731.html?src=rss

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