Innoviz Class Action Lawsuit: Key Steps for Shareholders

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

INTRODUCTION

Contact Timothy L. Miles for a free case evaluation in the Innovez class action lawsuit

​In the legal proceedings, titled Lucid Alternative Fund, LP v. Innoviz Technologies Ltd., a class action lawsuit has been mounted against Innoviz Technologies Ltd. (NASDAQ: INVZ; INVZW) and select executives, alleging violations of the Securities Exchange Act of 1934. The Innoviz class action lawsuit spans a class period from April 21, 2021, to February 28, 2023, centering on the company known for its development of cutting-edge LiDAR sensors and perception software for autonomous vehicles.

This article navigates through the complexities of the Innoviz lawsuit, providing shareholders with crucial steps to protect their interests. It delves into understanding the allegations, outlines the significance of the lead plaintiff deadline, and explains how engaging an Innoviz stock loss lawyer can assist in navigating this class action against Innoviz.

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Understanding the Allegations

At the heart of the Innoviz class action lawsuit are allegations that Innoviz and certain top executives contravened the Securities Exchange Act of 1934. This was purportedly achieved through:

1. False and Misleading Statements:

• ​The company is accused of making false statements and/or failing to disclose critical information, particularly concerning its business and financial prospects.
• Specifically, Innoviz allegedly overstated the benefits and profitability expected from its partnerships and collaborations with automotive companies.

     2. Financial Discrepancies:

• ​On March 1, 2023, Innoviz reported fiscal year 2022 earnings per share and revenue that fell short of consensus estimates. This was followed by a projection for fiscal year 2023 that was significantly below expectations.
• These financial announcements led to a nearly 15% drop in Innoviz's stock price, underscoring the impact of the alleged misrepresentations on shareholder value.

    3. Legal Claims:

• ​The lawsuit seeks to recover damages for the alleged violations, focusing on Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.
• The class period spans from April 21, 2021, to February 28, 2023, with the lawsuit filed on behalf of investors who acquired Innoviz's publicly traded securities during this time.

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

Steps to Protect Your Interests as a Shareholder

Shareholders of Innoviz Technologies who purchased shares during the class period have several avenues to protect their interests and potentially recover losses. Key steps include:
      1. Contacting Legal Representatives:

• Investors are encouraged to reach out to The Law Offices of Timothy L. Miles for information on possible lead plaintiff appointment, or if you just have general questions about your rights as a shareholder. This role is not mandatory for recovery participation.

       2. Joining the Class Action Lawsuit:

• Shareholders who purchased Innoviz securities between April 21, 2021, and February 28, 2023, and suffered a loss will automatically be members of the class and do not need to do anything at this point unless you suffered substantial losses and wish to seek appointment as lead plaintiff. Participation in the lawsuit is at no cost to the investor.

       3. Understanding Shareholder Rights:

• Shareholders have rights to inspect corporate records, including accounting records and minutes of shareholder meetings. If denied, they may compel inspection in court.

• Filing a shareholder derivative lawsuit is an option if the corporation fails to act on breaches of duty by officers or directors. Criteria for filing include being a shareholder at the time of the wrongful act and representing the interests of the corporation adequately.
• Shareholder oppression cases can seek remedies such as dissolving the corporation or altering its bylaws, with actions needing to be filed within specific timeframes.

To learn more about you rights as a shareholder, or the law in general, you may visit our Shareholder Resource Center which contains a wealth of informative information for shareholders.

The Lead Plaintiff Deadline and Its Importance

​In the context of the Innoviz class action lawsuit, the role and selection of the lead plaintiff are pivotal. This individual or group, chosen by the attorneys and approved by the judge, shoulders significant responsibilities, including:

• Evidence Provision and Strategy Participation: The lead plaintiff is integral in the discovery phase, attending strategy sessions, and may undergo depositions by the defendant’s counsel. Their involvement is crucial in shaping the lawsuit's direction.
• Settlement Authority: They have the authority to provide input on any decision concerning the settlement and can approve or reject settlement offers, acting on behalf of all class members. This decision-making power underscores the importance of their role in achieving a favorable outcome for the class.
• Compensation and Representation: Typically, the lead plaintiff has suffered the most considerable losses, positioning them for potentially significant damages if the lawsuit succeeds. The court selects the lead plaintiff based on who has the greatest financial interest in the relief sought, ensuring that the chosen representative is deeply invested in the case's outcome.

The process for becoming a lead plaintiff involves a critical deadline: May 14, 2024. Interested parties must file a motion within 60 days following the class action complaint's initial filing. Missing this deadline precludes individuals from serving as the lead plaintiff, although they remain part of the class action. This deadline underscores the urgency for shareholders to act promptly if they wish to play a more central role in the litigation. Institutional investors often serve as lead plaintiffs, leveraging their significant financial stakes to influence the lawsuit's direction and settlement negotiations.

How an Innoviz Stock Loss Lawyer Can Assist

​​​An Innoviz stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals such as the Innoviz ​lawsuit. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, they have lost money due to mistakes, incompetence, or fraud by an investment professional.  While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discover every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct. 

Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients and awards and recognitions​​. One name that immediately pops up is nationally known and widely respected Nashville lawyer Timothy L. Miles, who has valuable experience and has received numerous awards, mostly due to his high ethical standards, and hard work ethic. ​This will most likely be the only call you need to make. (855) 846–6529 or [email protected]. ​

Conclusion

​Through an exploration of the Innoviz class action lawsuit and its multifaceted analyses, we have discussed the allegations of securities fraud that brought forth significant concerns for investors and stakeholders alike. The allegations, ranging from misleading sales and discount practices to regulatory violations, have undeniably cast a shadow over InMode's acclaimed trajectory in the medical technology sector, prompting a reevaluation of corporate governance and investor relations. As we scrutinize the impact these allegations have had on share prices, the narrative weaves a cautionary tale about the importance of transparency, regulatory compliance, and the management of investor expectations.
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As the legal proceedings march forward, the implications for InMode and its investors are yet to be fully realized, offering a critical vantage point for understanding the intricate balance between innovation, market performance, and ethical conduct. For those navigating the complexities of investment in high-growth sectors, the unfolding of this lawsuit underscores the necessity for rigorous due diligence and proactive engagement with corporate practices. Moreover, it accentuates the role of legal frameworks in holding corporations accountable, heralding further scrutiny and perhaps, fostering a more transparent dialogue between companies and their investor base in the future.

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]