San Diego, CA -- (SBWire) -- 01/20/2022 --An investor, who purchased NASDAQ: ARVL shares, filed a lawsuit against Arrival over alleged violations of Federal Securities Laws.
Investors who purchased shares of Arrival (NASDAQ: ARVL) have certain options and for certain investors are short and strict deadlines running. Deadline: February 22, 2022. NASDAQ: ARVL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Luxembourg based Arrival focuses on the design, assembly, and distribution of commercial electric vehicles (EVs) worldwide.
Arrival was founded in 2015 as a private company headquartered in London, UK. Arrival is a manufacturer and distributor of commercial electric vehicles ("EVs"), including vans, cars, and buses. Arrival develops vertically integrated technologies and products that create a new approach to the assembly of EVs. According to Arrival, its proprietary in-house developed components, materials, software and robotic technologies, combined with low capital expenditure and rapidly scalable microfactories, enable Arrival to produce EVs that are competitively priced to traditional fossil fuel vehicles and with a substantially lower total cost of ownership for customers.
On March 24, 2021, Arrival consummated a business combination (the "Merger") with CIIG Merger Corp. ("CIIG"). Prior to its business combination with Arrival, CIIG was a special purpose acquisition company ("SPAC"), also known as a "blank check" company, incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. Upon the consummation of the Merger, CIIG changed its name from CIIG to Arrival Vault US Inc. On March 25, 2021, the Company's common stock and warrants began trading on
NASDAQ under symbols "ARVL" and "ARVLW," respectively.
On November 8, 2021, Arrival announced the Company's financial results for the third quarter of 2021, including a loss of €26 million (compared to a loss of €22 million during the same quarter a year earlier), and adjusted EBITDA loss for the quarter of €40 million (compared to a loss of €18 million in the third quarter of 2020). The Company also pulled its 2022 revenue goals and significantly scaled back its long-term projections, pushing its production and sales timeline into later time periods.
Shares of Arrival (NASDAQ: ARVL) declined from $17.99 per share on November 3, 2021, to as low as $6.87 per share on December 15, 2021.
The plaintiff claims that between November 18, 2020 and November 19, 2021, Arrival made false and/or misleading statements concerning 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, the Company would experience far greater capital and operational expenses required to operate and deploy its microfactories and manufacture EVs than disclosed, the Company would not capitalize on or achieve profitability or provide meaningful revenue in the time periods disclosed the Company would not achieve its production and sales volumes, the Company would not meet the disclosed production rollout deadlines, accordingly, the Company materially overstated its financial and operational position and/or prospects, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Arrival (NASDAQ: ARVL) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:ARVL Investor Notice: Lawsuit Alleges Misleading Statements by Arrival
A lawsuit was filed on behalf of investors in Arrival (NASDAQ:ARVL) shares over alleged securities laws violations.