Innoviz Technologies Faces Multiple Class Action Lawsuits Over Alleged Misleading Statements

Law firms allege the company overstated the benefits of its automotive partnerships, leading to investor losses.

A class action lawsuit has been filed against Innoviz Technologies Ltd. by Bragar Eagel & Squire, P.C., alleging false and misleading statements about the company's business and financial prospects.
Bronstein, Gewirtz & Grossman, LLC, and Bernstein Liebhard LLP have also filed lawsuits against Innoviz, claiming the company overstated the benefits of its contracts and partnerships with automotive companies.
Innoviz's reported financial results for fiscal year 2022 fell significantly below expectations, with revenue missing consensus estimates and guidance for 2023 revenue also below estimates.
The lawsuits allege that Innoviz's public statements were materially false and misleading, leading to investor losses.
Investors have until May 14, 2024, to apply to be appointed as lead plaintiff in the lawsuit.