Law Offices of Howard G. Smith announces an investigation on behalf of Enovix Corporation (“Enovix” or the “Company”) (NASDAQ: ENVX) investors concerning the Company’s possible violations of federal securities laws.
On July 15, 2021, Enovix became a public entity via business combination with Rodgers Silicon Valley Acquisition Corp. (“RSVAC”), a special purpose acquisition company.
On November 1, 2022, Enovix released its third quarter 2022 financial results, revealing that the Company had realized only $8,000 in revenue that quarter. Furthermore, it revealed that it would be “dialing back” its work on improving the Company’s Gen1 lines in favor of shifting its focus to future Gen2 lines because the supposed improvements were not having the desired results on output. Enovix also stated that it “anticipate[d] achieving lower overall output from Fab-1 in 2023.”
On this news, Enovix’s stock price fell $8.34, or 44.2%, to close at $10.53 per share on November 2, 2022, thereby injuring investors.
Then, on January 3, 2023, the Company’s Executive Chairman revealed in a special presentation that the Company’s second production facility and Gen2 lines would be delayed by several months because of equipment failures.
On this news, Enovix’s stock price fell $4.97, or 41%, to close at $7.15 on January 4, 2023, thereby injuring investors further.
If you purchased Enovix securities, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230110006036/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
