NEW ORLEANS, Jan. 24, 2023 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 7, 2023 to file lead plaintiff applications in a securities class action lawsuit against Enovix Corporation (“the Company”) f/k/a Rodgers Silicon Valley Acquisition Corp. (NasdaqGS: ENVX), if they purchased or otherwise acquired the Company’s shares between February 22, 2021 and January 3, 2023, inclusive (the “Class Period”), including shares of Rodgers Silicon prior to July 15, 2021. This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased shares of Enovix and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-envx/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 7, 2023.
About the Lawsuit
Enovix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 1, 2022, the Company announced its financial results for 3Q2022, disclosing just $8,000 in recognized revenue, that it would be “dialing back” efforts to improve existing manufacturing lines to focus on future manufacturing lines, and that it anticipated producing fewer than one million batteries in 2023. On this news, shares of Enovix plummeted approximately 44%. Then, on January 3, 2023, the Company disclosed that its second production facility and future manufacturing lines would be delayed by several additional months due to equipment failures. On this news, shares of Enovix plummeted an additional 41%, further damaging investors.
The case is Twitchell v. Enovix Corporation, No. 23-cv-00071.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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