INNOVIZ CLASS ACTION LAWSUIT:6 frequently asked questions

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

INTRODUCTION TO THE INNOVIZ CLASS ACTION LAWSUIT

Contact us today for a free case evaluation in the Innoviz class action lawsuit

The Innoviz class action lawsuit seeks to represent purchasers or acquirers of Innoviz Technologies Ltd. (NASDAQ: INVZ; INVZW) publicly traded securities between April 21, 2021 and February 28, 2023, inclusive (the “Class Period”).  Captioned Lucid Alternative Fund, LP v. Innoviz Technologies Ltd., No. 1:24-cv-01971 (S.D.N.Y.), the Innoviz class action lawsuit charges Innoviz and certain of Innoviz’ top executives with violations of the Securities Exchange Act of 1934.
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If you suffered losses in Innoviz stock and wish to serve as lead plaintiff in the Innoviz class action lawsuit, or just have general questions about your rights as a shareholder, please contact Innoviz 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 Innoviz class action lawsuit must be filed with the court no later than May 14, 2024.

Read on to learn the answers to the six most frequently asked questions by investors about the  Innoviz class action lawsuit. 

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what are THE ALLEGATIONS IN THE INNOVIZ CLASS ACTION LAWSUIT?

​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.

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

The PSLRA permits any investor who purchased and suffered losses in Innoviz​​ stock to seek appointment as lead plaintiffin 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.  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. 

can NON-U.S. INVESTORS SERVE AS LEAD PLAINTIFF IN THE CLASS ACTION AGAINST INNOVIZ?

Courts in the U.S. 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. 

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

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

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

Can I Be Appointed Lead Plaintiff in the Innoviz Lawsuit if I Purchased 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.

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]

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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]
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