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Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Filed Against Enovix CorporationThe law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Enovix Corporation ("Enovix") (NASDAQ: ENVX) f/k/a Rodgers Silicon Valley Acquisition Corp. The action charges Enovix with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Enovix's materially misleading statements and omissions to the public, Enovix's investors have suffered significant losses. CLICK HERE TO SUBMIT YOUR ENOVIX LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/enovix-corporation?utm_source=PR&utm_medium=link&utm_campaign=envx&mktm=r TO VIEW OUR VIDEO, PLEASE CLICK HERE LEAD PLAINTIFF DEADLINE: MARCH 7, 2023 CLASS PERIOD: FEBRUARY 22, 2021 THROUGH JANUARY 3, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Kessler Topaz is one of the world's foremost advocates in protecting the publicagainst corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
ENOVIX'S ALLEGED MISCONDUCT
In November 2021, Enovix announced that it had begun developing a second automated production line at its Fab-1 facility. The second line, Enovix told investors, would be a "workhorse" focusing on batteries for mobile electronics, such as laptops and smartphones, thereby supporting Enovix's "ramp" to achieve meaningful scale and revenue in the consumer electronics market starting in 2023. On November 1, 2022, however, Enovix revealed that it realized just $8,000 in revenue for the third quarter of fiscal year 2022. Enovix also revealed that it would be "dialing back" its work on improving existing manufacturing lines to focus on its future manufacturing lines. Additionally, Enovix disclosed that it anticipated producing fewer than one million batteries in 2023. Following this news, Enovix's stock price declined approximately 44%. Then, on January 3, 2023, Enovix's Executive Chairman revealed that Enovix's second production facility and future manufacturing lines would be delayed by several additional months because of equipment failures. Following this news, Enovix's stock price declined an additional 41%.
WHAT CAN I DO?
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
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