Innoviz Technologies Ltd.
Case Overview
6 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 05/14/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Innoviz Technologies Ltd. |
Court: | Court: Southern District of New York |
Case Number: | Case Number: 1:24cv01971 |
Class Period: | Class Period: 04/21/2021 - 02/28/2023 |
Ticker: | Ticker: INVZ |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Innoviz Technologies Ltd. (“Innoviz” or the “Company”) (NASDAQ:INVZ) securities during the period of April 21, 2021 to February 28, 2023, inclusive (“the Class Period”). Investors have until May 14, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On March 1, 2023, Innoviz issued a press release announcing the Company's financial and operational results for its fiscal year 2022. Among other items, Innoviz reported GAAP FY 2022 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 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." On this news, the price of Innoviz shares declined by $0.71 per share, or approximately 14.95%, to close at $4.04 per share on March 1, 2023.
The lawsuit alleges that (i) Innoviz had overstated the benefits that the Company 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 it had represented to investors; (iii) accordingly, Innoviz had overstated its business and/or financial prospects; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
On March 1, 2023, Innoviz issued a press release announcing the Company's financial and operational results for its fiscal year 2022. Among other items, Innoviz reported GAAP FY 2022 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 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." On this news, the price of Innoviz shares declined by $0.71 per share, or approximately 14.95%, to close at $4.04 per share on March 1, 2023.
The lawsuit alleges that (i) Innoviz had overstated the benefits that the Company 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 it had represented to investors; (iii) accordingly, Innoviz had overstated its business and/or financial prospects; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.