NEW YORK, June 04, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of VinFast Auto Ltd. (NASDAQ: VFS)?
- Did you purchase your shares pursuant and/or traceable to the merger consummated on August 14, 2023, or between August 15, 2023 and April 17, 2024, inclusive?
- Did you lose money in your investment in VinFast Auto Ltd.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of VinFast Auto Ltd. (“VinFast” or the “Company”) (NASDAQ: VFS): (a) pursuant and/or traceable to the Offering Documents issued in connection with the merger consummated on August 14, 2023 by and among the Company, Black Spade, and Nuevo Tech Limited (the “Merger”); and/or (b) between August 15, 2023 and April 17, 2024, both dates inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Complaint”).
If you purchased or acquired VinFast securities, and/or would like to discuss your legal rights and options please visit VinFast Auto Ltd. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (i) VinFast lacked sufficient capital to execute its purported growth strategy; (ii) VinFast would be unable to meet its 2023 delivery targets; and (iii) accordingly, VinFast had overstated the strength of its business model and operational capabilities, as well as its post-Merger business and/or financial prospects.
On January 18, 2024, VinFast issued a press release revealing that it delivered a total of 34,855 Electric Vehicles in 2023, falling well short of its annual deliveries target of 40,000-50,000 units. In response, several market analysts commented on the Company’s disappointing announcement. For example, Barrons published an article entitled “Vietnamese Carmaker Vinfast Misses 2023 EVs Sales Target”, and noted that VinFast was “hoping to compete with EV giants such as Tesla” and was “listed on the Nasdaq in August, hitting headlines around the world as its valuation skyrocketed and then crashed.”
On this news, VinFast’s ordinary share price fell $0.13 per share, or 2.25%, to close at $5.64 per share on January 18, 2024.
Then, on April 17, 2024, VinFast published a press release announcing its first quarter 2024 (“Q1 2024”) financial results. The press release stated that the Company delivered 9,689 EVs in the first quarter of 2024 despite setting a target of 100,000 EVs to be delivered in 2024.
On this news, VinFast’s ordinary share price dropped $0.35, or approximately 11%, to close at $2.72 on April 17, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than June 11, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired VinFast securities, and/or would like to discuss your legal rights and options please visit VinFast Auto Ltd. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
