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Reuters

Rivian is sued for allegedly misleading investors about electric vehicle prices

(Reuters) -Rivian Automotive Inc has been sued by a shareholder who claimed the startup failed to tell investors it had underpriced its electric vehicles, leading to unpopular price hikes that it swiftly rolled back. In a complaint filed on Monday in U.S. District Court in San Francisco, shareholder Charles Larry Crews said Rivian concealed how its R1S SUV and R1T pickup truck were so underpriced that it needed to raise prices soon after its November initial public offering. Crews said the increases “would tarnish Rivian’s reputation as a trustworthy and transparent company,” and risk cancellation of a large number of 55,400 preorders dating back to 2018.

S&P 500 falls on Thursday as stocks resume their downward move from Russia-Ukraine war

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