Rivian Settlement Over R1 Price Hike
Rivian has agreed to pay $250 million to settle a class action shareholder lawsuit.
The lawsuit, filed in 2022, centered on Rivian's decision to increase prices on the R1 lineup, which affected the stock price.
Rivian "denies the allegations in the suit and maintains that this agreement to settle is not an admission of fault or wrongdoing."
The payment is subject to approval by a judge in the U.S. District Court for the Central District of California.
The lawsuit alleged Rivian made misleading statements in regulatory filings prior to its 2021 IPO regarding the costs of building R1 EVs.
Author's summary: Rivian to pay $250M in lawsuit settlement.
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