1/10/2023 - Barrack, Rodos & Bacine notifies investors that a securities class action lawsuit has been filed on behalf of purchasers of Enovix Corp. (NASDAQ:ENVX) common stock between February 22, 2021 and January 3, 2023, inclusive (the Class Period), or Rodgers Silicon Valley Acquisition Corp. ("RSVAC") common stock prior to July 15, 2021. The lawsuit, alleging violations of the federal securities laws, was filed in the Northern District of California.

Enovix is in the business of developing and manufacturing advanced silicon-anode lithium-ion batteries using proprietary 3D cell architecture. The company became a publicly traded entity when it merged with RSVAC -- a special purpose acquisition company, or SPAC - on July 15, 2021.

The complaint alleges that Defendants made materially false and misleading statements during the Class Period regarding Enovix's efforts to scale up its battery manufacturing capacity to commercial volumes. According to the complaint, Defendants falsely asserted that a "Fab-1" manufacturing facility being developed by Enovix would be a "workhouse" of output, capable of producing millions of units for customers in 2023, when, in fact, the production lines were not capable of operating anywhere close to their intended levels.

On November 1, 2022, Enovix disclosed that its third-quarter 2022 revenue was only $8,000. The company also announced that it would be "dialing back" its efforts to make improvements to its "Gen1" manufacturing lines in favor of focusing on its future "Gen2" lines. As a result, Enovix "anticipate[d] achieving lower overall output from Fab-1 in 2023." On this news, shares of Enovix fell 44%, to close at $10.53 per share on November 2, 2022.

Then, on January 3, 2023, during a special presentation for investors, Enovix's Executive Chairman, Thurman J. Rodgers, revealed that the Company's second production facility and Gen2 lines would be delayed by several additional months due to the equipment failures experienced on the Fab-1 lines. On this news, Enovix's shares fell 41%, to close at $7.15 per share on January 4, 2023.

Investors in Enovix Corp. or RSVAC who purchased shares during the class period may be eligible to seek appointment as the lead plaintiff, a court-appointed role. If you have sustained losses you are encouraged to discuss your rights by contacting Mark R. Stein or Linda Border at Barrack, Rodos & Bacine, at the toll-free number 877-386-3304, or via email at mstein@barrack.com or lborder@barrack.com.

Philadelphia-ba sed Barrack, Rodos & Bacine has more than four decades of experience prosecuting securities law class actions, including cases involving accounting fraud and insider trading, and has achieved some of the largest recoveries in U.S. history of securities litigation. The firm's largest recoveries on behalf of investors include $6.19 billion for WorldCom investors, $3.32 billion for Cendant investors, $1.05 billion for McKesson investors, and $970.5 million for AIG investors.