Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Enovix Corporation (“the Company”) f/k/a Rodgers Silicon Valley Acquisition Corp. (NasdaqGS: ENVX), if they purchased or otherwise acquired the Company’s shares between February 22, 2021 and January 3, 2023, inclusive (the “Class Period”), including shares of Rodgers Silicon prior to July 15, 2021.
Enovix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 1, 2022, the Company announced its financial results for 3Q2022, disclosing just $8,000 in recognized revenue, that it would be “dialing back” efforts to improve existing manufacturing lines to focus on future manufacturing lines, and that it anticipated producing fewer than one million batteries in 2023. On this news, shares of Enovix plummeted approximately 44%. Then, on January 3, 2023, the Company disclosed that its second production facility and future manufacturing lines would be delayed by several additional months due to equipment failures. On this news, shares of Enovix plummeted an additional 41%, further damaging investors.
Shareholders have until March 7, 2023 to request that the court appoint them lead plaintiff.
If you would like to discuss your legal rights regarding this case, you may, without obligation or cost to you, contact us toll free at (833) 835-1495 or fill out the loss submission form on this page.