The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Arrival SA. (NASDAQ: ARVL) who purchased common stock between November 18, 2020 and November 19, 2021. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Arrival lawsuit alleges that (i) the Company would record a substantially greater net loss and adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) loss in the third quarter of 2021 compared to the third quarter of 2020; (ii) the Company would experience far greater capital and operational expense to operate and deploy its microfactories and manufacture EV vehicles than it had disclosed; (iii) the Company would not capitalize on or achieve profitability or provide meaningful revenue in the time periods disclosed; (iv) the Company would not achieve its disclosed production and sales volumes; (v) the Company would not meet the disclosed production rollout deadlines. Accordingly, the Company materially overstated its financial and operational position and/or prospects, and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until February 22, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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