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Rivian Automotive, Inc. (NASDAQ:RIVN) has announced today it has agreed to resolve the previously disclosed 2022 securities class action litigation pending in the United States District Court for the Central District of California (Crews v. Rivian Automotive, Inc. et al., Case No. 2:22-cv-01524-JLS-E).
The company denies the allegations in the suit and maintains that this agreement to settle is not an admission of fault or wrongdoing. However, settling will enable Rivian to focus its resources on the launch of its mass market R2 vehicle in the first half of 2026.
Under the terms of the settlement, which is subject to approval by the court, Rivian will pay $250M to settle the claims brought on behalf of purchasers of Rivian class A common stock between November 10, 2021, and March 10, 2022. Details of the settlement stipulation can be found at www.RivianSecuritiesLitigation.com.
If approved, all claims against Rivian and other defendants in this matter would be resolved. Rivian will pay the settlement through a combination of directors' and officers' liability insurance ($67M) and cash on hand ($183M).
Posted In: RIVN
