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NEW YORK, March 5, 2023 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, is reminding investors of the deadline for filing a motion by lead plaintiff in a securities class action lawsuit filed on behalf of investors in the has purchased or acquired the common stock of Enovix Corporation (“Enovix” or the “Company”) ENVX between February 22, 2021 and January 3, 2023 inclusive (the “Collection Period”) or common stock of Rodgers Silicon Valley Acquisition Corp. (“RSVAC”) prior to July 15, 2021. The lawsuit was filed in the U.S. District Court for the Northern District of California alleging violations of the Securities Exchange Act of 1934.

On February 22, 2021, Enovix announced plans to become a public company. Five months after this announcement, on July 15, 2021, Enovix became a public company. Rather than going public through a traditional initial public offering (“IPO”), Enovix merged with a special purpose vehicle (“SPAC”), a public company with no actual operations except to acquire a private company. On July 14, 2021, Enovix was officially acquired by RSVAC, which subsequently changed its name to Enovix Corporation.

Plaintiff alleges that throughout the Class Period beginning with statements made at the time of De-SPAC, Defendants made materially false and misleading statements and failed to disclose material adverse facts about Enovix’s revenues and ability to manufacture its proprietary battery technology. The plaintiff alleges that Enovix would also need to create a process to manufacture its batteries on a scale large enough to meet the needs of its customers. Otherwise, it would not be able to monetize its proprietary technology.

Just a few months before…