SAN FRANCISCO, Jan. 10, 2023 (GLOBE NEWSWIRE) — Hagens Berman is pushing Enovix Corporation ENVX Investors who have suffered significant losses Submit your losses now.

school lesson: February 22, 2021 – January 3, 2023
Deadline for lead plaintiff: March 7, 2023
Visit: https://www.hbsslaw.com/investor-fraud/ENVX
Contact a lawyer now: ENVX@hbsslaw.com
844-916-0895

Enovix Corporation (ENVX) class action lawsuit alleging securities fraud:

The litigation focuses on Enovix’s previous assurances about the viability of its plan to achieve its first significant sales of $176 million in 2023, that its Fab 1 manufacturing facility could scale, and that it was able to increase its Deliver batteries years ahead of the competition.

According to the complaint, at the time of Enovix’s IPO, its only manufacturing facilities and equipment (“Fab-1” and “Gen1” respectively) were plagued with defects and technical problems that prevented the company from manufacturing its batteries on a large scale despite The then-CEO Harrold Rust stated that the company was focused on production for “mass market applications.”

The Complaint further alleges that throughout the Class Period, the Defendants overstated Enovix’s ability to produce batteries at scale, misleadingly touted the company’s “significant progress” in scaling Fab-1, and falsely claimed that this advancement “enables us to deliver 100% active silicon anode lithium-ion batteries with energy densities that are years ahead of the competition.”

Enovix’s assurances were called into question on November 1, 2022, when the company announced disappointing third-quarter earnings of just $8,000. The company also announced that it is transitioning to and prioritizing its next-generation manufacturing lines and anticipates lower overall Fab-1 production in 2023.

Then, on January 3, 2023, Enovix held a business update call with investors, during which its Executive Chairman acknowledged that “people openly question whether the product is manufacturable” and revealed, among other things, that Fab- 1 “less than” did 10% of what…