Investigations

GRABAR LAW OFFICE INVESTIGATES POTENTIAL CLAIMS AGAINST OFFICERS AND DIRECTORS OF ENOVIX, CORP. (NASDAQ: ENVX)

Enovix Corp. designs, develops, and manufactures silicone-anode lithium ion batteries using proprietary 3D cell architecture, which the Company claims allow its batteries to achieve higher energy density.

On July 15, 2021, Enovix Corp. (NASDAQ: ENVX) became a publicly traded company by merging with a special purpose acquisition company (“SPAC”), after being acquired by the Rodgers Silicon Valley Acquisition Corp. (“RSVAC”) on July 14, 2021.

A federal securities fraud class action complaint alleges that Enovix, via certain of its officers, overstated Enovix’s ability to produce batteries at scale, touting the Company’s “meaningful progress” in scaling up its manufacturing facility, and its being positioned to deliver batteries ahead of competitions, despite its continued manufacturing issues.

The federal securities fraud class action complaint against Enovix has now survived a motion to dismiss.

Specifically, the Court found that statements made starting on August 10, 2021 that implied the Fab-1 equipment had passed the Factory Acceptance Tests (FAT), which required that a team of Enovix engineers fly to multiple Chinese factories, and personally observe each piece of Fab-1 equipment running at full speed before they were approved for shipment, were false or misleading. Moreover, the Court agreed with plaintiffs that, if the equipment never passed the FAT, it was false and misleading for Enovix to state that the site acceptance test would “confirm” the equipment was meeting performance requirements and to state that the FAT was “already performed” without revealing that the equipment had failed the FAT. The Court also agreed with plaintiffs that, if the equipment failed multiple rounds of the FAT through April 2021 and ultimately never passed the FAT, it was false and misleading for company officers to state that the testing out of each piece of equipment was “going on quite well.”

Current Enovix shareholders who have held Enovix or the RSVAC SPAC since before August 10, 2021, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.

If you would like to learn more about this matter, you are encouraged to contact us at [email protected], or call 267-507-6085.

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Investigations

GRABAR LAW OFFICE INVESTIGATES POTENTIAL CLAIMS AGAINST OFFICERS AND DIRECTORS OF ENOVIX, CORP. (NASDAQ: ENVX)

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