Key Details You Need to Know About the Innoviz Class Action Lawsuit

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 about the Innoviz class action lawsuit

​The Innoviz class action lawsuit, officially titled Lucid Alternative Fund, LP v. Innoviz Technologies Ltd., represents a significant legal proceeding against Innoviz Technologies Ltd. (NASDAQ: INVZ; INVZW). Filed on behalf of investors who acquired Innoviz's publicly traded securities between April 21, 2021, and February 28, 2023, it addresses serious allegations under the Securities Exchange Act of 1934, marking a critical examination of the company's disclosures and representations.

This pivotal lawsuit not only seeks to hold Innoviz Technologies accountable for purported misstatements but also aims to recover losses for affected investors, underscored by the lawsuit's focus on alleged inflated profitability expectations through overstated partnership benefits. The evolving case brings to light the intricate dynamics of investor rights and corporate responsibility, making the Innoviz class action lawsuit a notable event in the financial and legal landscapes.

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Background of the Case

The Innoviz class action lawsuit underscores significant allegations against Innoviz Technologies Ltd., highlighting concerns about the company's financial disclosures and partnership benefits. Key points of the case include:
    Class Period and Eligibility:

• The lawsuit pertains to the period between April 21, 2021, and February 28, 2023.
• It seeks recovery for investors who purchased Innoviz securities during this timeframe, encouraging them to join the case.

    Core Allegations:

• Innoviz is accused of overstating the benefits derived from its partnerships and collaborations with automotive companies.
• The company allegedly failed to achieve the level of profitability it had represented to its investors, leading to inflated profitability expectations.
• Violations of the Securities Exchange Act of 1934 are cited, with claims that Innoviz and certain top executives made false or misleading statements and/or failed to disclose crucial information.

     Financial Discrepancies and Impact:

• On March 1, 2023, Innoviz reported earnings and revenue for the fiscal year 2022 that missed consensus estimates, with a significant shortfall in the revenue guidance for FY 2023.
• Following this announcement, Innoviz's share price fell dramatically, underscoring the lawsuit's claims of misleading statements impacting investor losses.

This background sets the stage for understanding the lawsuit's implications for both the investors involved and Innoviz Technologies itself, as the case progresses through the legal system.

Allegations Against Innoviz Technologies

At the core of the Innoviz class action lawsuit are allegations that paint a picture of misrepresented business relations and financial forecasts. Key points of these allegations include:
    Overstated Partnerships and Profitability:

• Innoviz is accused of embellishing the benefits and profitability likely to be derived from its partnerships and collaborations with automotive companies.
• The company allegedly misled investors about its ability to secure contracts with customers in the automotive industry, including its capacity to manufacture LiDAR systems at scale and develop a solid-state LiDAR solution.

    Misleading Statements and Financial Prospects:

• Claims suggest that Innoviz and certain top executives made false and misleading statements regarding the benefits of its contracts, partnerships, and collaborations with automotive companies, leading investors to overestimate the company's profitability and business prospects.
• Defendants are said to have concealed vital information, leading to inflated business and financial prospects, which ultimately caused substantial losses for investors.

    Violations of Federal Securities Laws:

• The lawsuit alleges violations of the Securities Exchange Act of 1934, specifically Sections 10(b) and 20(a) and Rule 10b-5, due to the overstatement of business and financial prospects based on purported contracts, partnerships, and/or collaborations with automotive companies.
• It seeks to recover damages caused by these alleged violations, aiming to hold Innoviz and its executives accountable for the misrepresentation that inflated the company's stock price.

Financial Impact on Investors

The financial repercussions of Innoviz Technologies' reported fiscal year 2022 outcomes have significantly impacted investor confidence, as evidenced by several key metrics:
    Earnings and Revenue Shortfalls:

• FY 2022 Earnings Per Share (EPS): Innoviz reported a GAAP EPS of -$0.94, which fell short of consensus estimates by $0.06.
• FY 2022 Revenue: The company's revenue was $6.03 million, missing consensus estimat es by $0.96 million.

​    Future Revenue Projections:

• FY 2023 Revenue Guidance: Innoviz has guided for FY 2023 revenue to be in the range of $12 million to $15 million, which is significantly below the consensus estimates of $30 million.

    Stock Price Decline:

• Following the announcement of these disappointing results, Innoviz's stock price experienced a sharp decline, falling $0.71 per share, or nearly 15%, to close at $4.04 on March 1, 2023.

For investors who have incurred losses during this period, there is a potential pathway to recovery under federal securities laws. Shareholders are encouraged to contact Timothy L. Miles, for guidance on joining the Innoviz class action lawsuit to seek redress for their financial losses. This will be the only call you need to make. (855) 846–6529 or [email protected]. 

Potential Consequences for Innoviz Technologies

The Innoviz class action lawsuit carries with it substantial implications for Innoviz Technologies, extending beyond the courtroom. Here are two critical areas of concern for the company:
Financial Implications:

• ​Potential Damages: If the lawsuit results in a verdict against Innoviz Technologies, the company could face significant financial damages. Such an outcome might necessitate substantial compensation payouts to the aggrieved investors, straining the company's financial resources.
• Operational Impact: The financial strain from potential damages could also affect the company's operational capabilities. There might be a need to redirect funds from research, development, and expansion projects to cover legal costs and damages, potentially slowing growth and innovation.

Reputational Damage:

• Investor Trust: The allegations and the lawsuit itself could tarnish Innoviz Technologies' reputation. A damaged reputation might lead to a loss of investor confidence, which is crucial for a technology company reliant on capital for growth and development.
• Future Growth Prospects: The erosion of trust could extend beyond the current investor base, potentially affecting future partnerships, customer relationships, and overall market position. The ability of Innoviz to attract new investments and partnerships could be compromised, hindering long-term growth prospects.

In sum, the Innoviz class action lawsuit presents significant challenges for Innoviz Technologies, not just in potential financial liabilities but also in how the company is perceived by investors and partners alike.

Lead Plaintiff Motion Deadline in the Innoviz Lawuit

​For investors affected by the Innoviz lawsuit, the timeline for action is critical. Key deadlines and options available to shareholders are outlined below, offering a roadmap for those seeking to participate in the class action lawsuit against Innoviz:
Critical Deadline:

• Lead Plaintiff Motion Deadline: May 14, 2024. This is the final date by which investors must file a motion to be appointed as the lead plaintiff in the class action lawsuit.
• Lead Plaintiff Criteria and Rights:
  • Any investor who purchased or acquired Innoviz securities during the Class Period is eligible to seek appointment as the lead plaintiff.
  • The lead plaintiff is typically the investor with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. 
  • This position allows the lead plaintiff to select a law firm of its choice to litigate the lawsuit.

Participation Without Lead Plaintiff Status:

• Investors do not need to be appointed as the lead plaintiff to partake in any recovery.
• There is no cost or obligation to participate in the case, and investors may be entitled to compensation without payment of any out-of-pocket fees or costs through a contingency fee arrangement.

Investors are encouraged to learn about their potential recovery options by visiting designated legal websites or contacting the appointed legal representatives directly.

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]
​