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Shareholder Sues Rivian, Alleging Startup Misled Traders on Automobile Pricing

Shareholder Sues Rivian, Alleging Startup Misled Traders on Automobile Pricing

A shareholder is suing Rivian Automotive Inc., alleging the electric-vehicle startup misled traders by failing to reveal it had underpriced its autos and would want to boost costs after its market debut.

The lawsuit, filed Monday in a California U.S. District Court docket, was introduced by shareholder Charles Crews, who in line with the criticism bought 35 shares of Rivian inventory on its first day of public buying and selling in November at about $112.83 a share. The go well with is searching for class-action standing.

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