Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Arrival SA (“Arrival” or the “Company”) (NASDAQ: ARVL) common stock between November 18, 2020 and November 19, 2021, inclusive (the “Class Period”). Arrival investors have until February 22, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Arrival investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On November 8, 2021, Arrival released its third quarter financial results, which revealed a loss of €26 million and an adjusted EBITDA loss of €40 million. The Company also revised its outlook, expecting “significantly lower vehicle volumes and revenue in 2022.”
On this news, Arrival’s stock price fell $4.33, or 24%, to close at $13.46 per share on November 10, 2021, thereby injuring investors.
Then, on November 17, 2021, Arrival announced a $200 million offering of green convertible senior notes due 2026, intended to finance the development of EVs. Arrival also announced an offering of 25 million ordinary shares, expected to raise $330 million.
On this news, Arrival’s stock price declined $0.82, or 8%, to close at $9.91 on November 18, 2021, thereby injuring investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company would record a substantially greater net loss and adjusted EBITDA loss in the third quarter of 2021 compared to the third quarter of 2020; (2) the Company would experience far greater capital and operational expenses required to operate and deploy its microfactories and manufacture EVs than disclosed; (3) the Company would not capitalize on or achieve profitability or provide meaningful revenue in the time periods disclosed; (4) the Company would not achieve its production and sales volumes; (5) the Company would not meet the disclosed production rollout deadlines; (6) accordingly, the Company materially overstated its financial and operational position and/or prospects; and (7) as a result, the Company's public statements were materially false and misleading at all relevant times.
If you purchased Arrival common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211229005040/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
