6 FREQUENTLY ASKED QUESTIONS ABOUT THE VINFAST CLASS ACTION LAWSUIT

If you suffered losses in VinFast stock, contact VinFast stock loss lawyer Timothy L. Miles about a VinFast class action lawsuit

INTRODUCTION TO THE VINFAST CLASS ACTION LAWSUIT

Call Timothy L. Miles today about the VinFast class action lawsuit

The VinFast class action lawsuit seeks to represent purchasers or acquirers of VinFast Auto Ltd. (NASDAQ: VFS; VFSWW) securities: (i) between August 15, 2023 and January 17, 2024, inclusive (the “Class Period”); and/or (ii) pursuant and/or traceable to VinFast’s offering documents issued in connection with the merger consummated on August 14, 2023 with VinFast, Black Spade Acquisition Co., and Nuevo Tech Limited (the “Merger”).  Captioned Comeau v. VinFast Auto Ltd., No. 24-cv-02750 (E.D.N.Y.), the VinFast class action lawsuit charges VinFast and certain of VinFast’s top current and former executives and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.

If you suffered losses in VinFast stock and wish to serve as lead plaintiff, or just have general questions about your rights as a shareholder, please contact VinFast Stock Loss Lawyer Timothy L. Miles, at no charge, by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. ​Lead plaintiff motions for the VinFast class action lawsuit must be filed with the court no later than June 11, 2024.

Read on for answers to the six most frequently asked questions from investors about the VinFast class action lawsuit.

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what are THE ALLEGATIONS IN THE VINFAST CLASS ACTION LAWSUIT?

​VinFast describes itself as “an innovative, full-scale mobility platform focused primarily on designing and manufacturing premium EVs (“electric vehicles”), e-scooters, and e-buses.”  Prior to the Merger, VinFast operated as a publicly traded special purpose acquisition company (SPAC or blank-check company). The allegations in the VinFast class action lawsuit can be summarized as follow:

1. False and Misleading Statements:

• ​Defendants throughout the Class Period and in the offering documents made false and/or misleading statements and/or failed to disclose that: (i) VinFast lacked sufficient capital to execute its purported growth strategy; (ii) VinFast would be unable to meet its 2023 delivery targets; and (iii) accordingly, VinFast had overstated the strength of its business model and operational capabilities, as well as its post-Merger business and/or financial prospects. 

     2. Expansion into Southeast Asia:

• ​On October 15, 2023, Bloomberg published an article entitled “VinFast to Expand Into Southeast Asia, Raise More Capital,” which revealed that VinFast 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 JSC and its founder Pham Nhat Vuong in the next 18 months.”  On this news, the price of VinFast ordinary shares fell more than 18%, according to the VinFast class action lawsuit.

    3. Failure to Meet Annual Deliver Target:

• On January 18, 2024, the complaint further alleges that VinFast revealed that it delivered a total of 34,855 EVs in 2023, falling well short of its annual deliveries target of 40,000-50,000 units.  On this news, the price of VinFast ordinary shares fell, according to the VinFast class action lawsuit. 

The allegations suggest a significant discrepancy between the company's representations and its actual financial health, raising questions about the transparency and reliability of VinFast​'s communications with its investors.

what is THE LEAD PLAINTIFF DEADLINE IN THE VINFAST CLASS ACTION LAWSUIT?

​​Lead plaintiff motions for the VinFast class action lawsuit must be filed with the court no later than June 11, 2024.​ When a securities class action is filed such as the VinFast class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on on behalf of the class must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published. 

WHAT do the PLAINTIFFS NEED TO PROVE TO PREVAIL IN THE VINFAST CLASS ACTION LAWSUIT?

​​To succeed in the VinFast class action lawsuit, plaintiffs must establish the following elements:

1. The defendant made a material misrepresentation or omission.
2. The defendant acted with scienter, indicating a wrongful state of mind.
3. The misrepresentation or omission was made in connection with the purchase or sale of a security.
4. The plaintiff relied on the misrepresentation or omission.
5. The plaintiff suffered an economic loss as a result of the fraud.
6. The plaintiff can demonstrate loss causation, proving that the fraudulent misrepresentation or omission caused the economic loss.

what is LEAD PLAINTIFF PROCESS IN THE VINFAST CLASS ACTION LAWSUIT?

The PSLRA permits any investor who purchased and suffered losses in VinFast​​ stock to seek appointment as lead plaintiff in the VinFast class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit.  An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. 

what are THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE VINFAST CLASS ACTION LAWSUIT?

There are several benefits to serving as the lead plaintiff in the class action against VinFast:

1. Negotiating more competitive attorney fees and reducing litigation costs.
2. Managing the litigation by overseeing the progress of the case and reviewing important filings.
3. Participating in mediation and settlement discussions.
4. Having a voice in decision-making processes regarding the settlement.
5. No financial risk, as lead counsel covers all costs and expenses and are paid only if they secure a settlement or judgment recovery for the class
6. Potentially enjoying long-term benefits from governance reform resulting from the litigation.

Will the Lead Plaintiffs Get More Money than Class Members if the VinFast Class Action Lawsuit settles?

​No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class. Under the PSLAR, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class.  However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the VinFast class action lawsuit on behalf of investors who suffered losses in VinFast​ stock. 

CONTACT A VINFAST​ STOCK LOSS LAWYER TODAY ABOUT A VINFAST CLASS ACTION LAWSUIT

If you suffered losses in VinFast​ stock, contact VinFast​ stock loss lawyer Timothy L. Miles today for a free case evaluation about a VinFast class action lawsuit. Call today and see what a VinFast stock loss lawyer could do for you if you suffered losses in VinFast​​​ ​stock. ​This will most likely be the only call you need to make. (855) 846–6529 or [email protected]. ​

The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846–6529
​​Email: [email protected]

VinFast​ stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,  shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
​​Phone: (855) 846-6529
​Email: [email protected]
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