LOS ANGELES, December 28, 2021– (BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have purchased or otherwise acquired Arrival SA (“Arrival” or the “Company”) (NASDAQ: ARVL) common stock between November 18, 2020 and November 19, 2021, inclusive (the “Remedy Period”). Incoming investors have up to February 22, 2022 file an application as the principal applicant.
If you have suffered a loss on your investments on arrival or would like to inquire about possible legal actions to recover your loss under federal securities laws, you can submit your details at www.glancylaw.com/cases / arrival-sa /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to learn more about your rights.
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 “a significant drop in vehicle volumes and revenues in 2022”.
At this news, Arrival’s stock price fell $ 4.33, or 24%, to close at $ 13.46 per share on November 10, 2021, hurting investors.
Then, on November 17, 2021, Arrival announced a $ 200 million offer of senior green convertible bonds due 2026, intended to finance the development of electric vehicles. Arrival also announced an offer of 25 million common shares, which is expected to raise $ 330 million.
On this news, Arrival’s stock price fell $ 0.82, or 8%, to close at $ 9.91 on November 18, 2021, further hurting investors.
The complaint filed alleges that throughout the Claim Period, the Defendants made materially false and / or misleading statements, as well as failed to disclose material adverse facts regarding the business, operations and prospects of the Company. . More specifically, the Defendants failed to disclose to investors that: (1) the Company would record a significantly greater net loss and adjusted EBITDA loss in the third quarter of 2021 compared to the third quarter of 2020; (2) the Company would incur significantly higher capital and operating expenses to operate and deploy its micro-factories and manufacture electric vehicles than those disclosed; (3) the Company would not capitalize on or achieve profitability or provide significant income within the time periods disclosed; (4) the Company would not meet its production and sales volumes; (5) the Company would not meet the disclosed production deployment deadlines; (6) as a result, the Company has significantly overestimated its financial and operating situation and / or its outlook; and (7) accordingly, the Company’s public statements were materially false and misleading at all material times.
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If you have bought or acquired ordinary shares of Arriving during the Recourse Period, you can apply to the Court at the latest February 22, 2022 ask the Court to appoint you as the principal plaintiff. To be a member of the Class, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you would like to know more about this action, or if you have any questions regarding this announcement or your rights or interests in any such matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If you are applying by email, please include your mailing address, phone number and number of shares purchased.
This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211228005042/en/
Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, California 90067