A Comprehensive Overview of the Innoviz Class Action Lawsuit

Contact Innoviz stock loss lawyer Timothy L. Miles about an Innoviz class action lawsuit

introduction to the Innoviz Class Action Lawsuit

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​If you sustained financial losses from investing in Innoviz Technologies Ltd. (NASDAQ: INVZ; INVZW) publicly traded securities between April 21, 2021, and February 28, 2023, you may be eligible to participate in the Innoviz class action lawsuit. This detailed guide aims to equip you with all the essential information regarding the Innoviz class action lawsuit, including the allegations, the lead plaintiff deadline, the various stages involved, and the advantages of serving as the lead plaintiff. We will also address frequently asked questions and explain how an experienced Innoviz stock loss lawyer can assist you in seeking compensation.

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The Allegations at the Core of the Innoviz Class Action Lawsuit

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The Innoviz class action lawsuit, captioned Lucid Alternative Fund, LP v. Innoviz Technologies Ltd., No. 1:24-cv-01971 (S.D.N.Y.), alleges that Innoviz Technologies Ltd. and certain top executives violated provisions of the Securities Exchange Act of 1934. The lawsuit contends that the defendants made false and misleading statements or failed to disclose critical information regarding the company's business prospects and financial performance.

Specifically, the lawsuit alleges that Innoviz overstated the anticipated benefits and profitability from its partnerships and collaborations with automotive companies. Furthermore, on March 1, 2023, Innoviz reported fiscal year 2022 earnings per share and revenue figures that fell short of consensus estimates, accompanied by a significantly lower-than-expected projection for fiscal year 2023. These financial disclosures led to a substantial 15% drop in Innoviz's stock price, highlighting the impact of the alleged misrepresentations on shareholder value.

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The Lead Plaintiff Deadline for the Innoviz Class Action Lawsuit

Lead plaintiff motions for the Innoviz class action lawsuit must be filed with the court no later than May 14, 2024. When a securities class action is initiated, the person who files the first complaint is required to publish a notice announcing the filing. Any individual or entity who wishes to be appointed as the lead plaintiff on behalf of the class must subsequently file a motion within 60 days after the notice was published. 

Your Options Upon Receiving a Notice in the Innoviz Class Action Lawsuit

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If you receive a notice regarding the Innoviz class action lawsuit, you have two choices. First, you can choose to take no action and remain a member of the class represented by the lead counsel. Alternatively, if you believe you have a large enough loss to justify it, you can opt-out of the class action and file a separate individual lawsuit. However, it's important to note that if you opt out, you will not be eligible to participate in any settlement or recovery obtained in the Innoviz class action lawsuit.

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Proving the Case: Essential Elements in the Innoviz Class Action Lawsuit

​​To succeed in the Innoviz 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.

The Stages of the Innoviz Class Action Lawsuit

​​Securities fraud class actions go through a series of stages. In the Innoviz class action lawsuit, the various steps to the lawsuit would be as follows:

1. ​Consolidation of related cases and the appointment of a lead plaintiff.
2. Filing of a consolidated complaint by the lead plaintiff.
3. Defendants' motion to dismiss the complaint.
4. Class certification, determining if the criteria for class certification are met and if so, the lawsuit can proceed as a class action.
5. Discovery, where both parties exchange relevant documents and information.
6. Settlement talks and potential mediation.
7. Motions for summary judgment, seeking a resolution without trial.
8. Trial, where the court or jury determines liability and damages if the case does not settle.
9. Possible appeal, which can extend the timeline of the lawsuit.

The Lead Plaintiff Process in the Innoviz Class Action Lawsuit

The Private Securities Litigation Reform Act of 1995 (PSLRA) permits any investor who purchased and suffered losses in Innoviz stock to seek appointment as lead plaintiff in the Innoviz 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.  
• Acts on behalf of all other class members in directing the class action lawsuit.
• Selects 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. ​

Non-US Investors and Their Eligibility as Lead Plaintiffs

Courts in the United States have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors.  Thus, if a non-U.S. investor suffered losses in Innoviz​​ stock, they may move the Court to be appointed lead plaintiff in the class action against Innoviz. 

Benefits of Serving as the Lead Plaintiff in the Innoviz Class Action Lawsuit

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

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 all negotiations related to any 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.

Responsibilities of the Lead Plaintiff in the Innoviz Class Action Lawsuit

1. Selecting, monitoring, and overseeing Lead Counsel.
2. Reviewing and commenting on court filings on behalf of the class.
3. Discussing litigation strategies with the Lead Counsel.
4. Attending depositions (if necessary) and giving a deposition.
5. Attending hearings (if necessary).
6. Participating in mediation and the trial (if necessary).
7. Provide input on any decision related to any settlement of the securities class action.

Frequently Asked Questions

Can I serve as a lead plaintiff in the class action against Innoviz if I purchases shares outside of the class period?

No.  Even if you suffered losses in Innoviz stock, if you purchased securities outside of the Class period, you will not be able to participate in the Innoviz lawsuit.

Will the lead plaintiffs get more money if the Innoviz class action lawsuit settles than class members?

​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 Innoviz class action lawsuit on behalf of investors who suffered losses in Innoviz​ stock. 

Can I serve as a lead plaintiff in the class action against Innoviz if I am serving as lead plaintiff in another securities fraud case?

​​Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Innoviz​ stock, you may move to be appointed lead plaintiff.

Can the court appoint more than one lead plaintiff in the Innoviz lawsuit?

​​Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs in the Innoviz class action lawsuit.

How was the class period determined in the Innoviz class action lawsuit?

In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives.  The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading.  The class period ends when the truth is revealed to the investing public through a corrective disclosure.  
 
To be a part of the class in the Innoviz lawsuit, you must have suffered losses in Innoviz​​ stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in theclass action against Innoviz​​​.  ​

Can I serve as lead plaintiff in the Innoviz class action lawsuit if I sold my shares?

​Yes. There is no requirement for you to retain ownership of the stock after the class period has expired to participate in the Innoviz lawsuit.

CONTACT AN INNOVIZ STOCK LOSS LAWYER TODAY ABOUT AN INNOVIZ CLASS ACTION LAWSUIT

If you suffered losses in Innoviz​ stock, contact Innoviz​ stock loss lawyer Timothy L. Miles today for a free case evaluation about an Innoviz class action lawsuit. Call today and see what an Innoviz stock loss lawyer could do for you if you suffered losses in Innoviz​​​ ​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]

Innoviz​ 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]