The complaint alleges that, throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about Enovix’s business and operations. Specifically, the Defendants overstated Enovix’s ability to produce batteries at scale, touting the Company’s “meaningful progress” in scaling up its manufacturing ability despite its continued technical issues. On November 2, 2022, following the Company’s disclosure of the issues affecting its manufacturing operations, the Company’s stock fell over 44% from its October 31, 2022 closing price. Additionally, this disclosure stated that Enovix was shifting its focus to prioritize its next generation manufacturing lines. Then, on January 3, 2023, Enovix disclosed further issues with both the first generation and next generation production lines. On this news, Enovix shares fell over 41% in intraday trading on January 4, 2023. As a result of defendants’ wrongful acts and omissions, and the significant decline in the market value of Enovix’s common stock, members of the Class have suffered significant damages.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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