NEW YORK, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased the securities of Enovix Corporation f/k/a Rodgers Silicon Valley Acquisition Corp. (“Enovix” or the “Company”) (NASDAQ: ENVX) between February 22, 2021 and January 3, 2023, both dates inclusive (the “Class Period”).

Enovix purports to design, develop, and manufacture silicon-anode lithium-ion batteries using proprietary 3D cell architecture, which Enovix claims allows its batteries to achieve higher energy density. On July 14, 2021, Enovix was officially acquired by Rodgers Silicon Valley Acquisition Corp., a special purpose acquisition company (commonly known as a SPAC or blank-check company). Just months before the merger, Enovix received key equipment to establish its first manufacturing line at its “Fab-1” facility in Fremont, California.

The Complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose material adverse facts about Enovix’s revenue and ability to manufacture its proprietary battery technology. For example, as the Complaint alleges, Fab-1’s supposedly “automated” manufacturing lines were burdened by problems that required significant manual intervention to produce batteries. The Complaint further alleges that machines that were meant to yield 550 batteries per hour could only complete around 100.

On November 1, 2022, Enovix announced it realized just $8,000 in revenue for the third quarter of fiscal year 2022. Enovix also revealed that it would be “dialing back” its work on improving existing manufacturing lines to focus on its future manufacturing lines. Additionally, Enovix revealed it anticipated producing fewer than one million batteries in 2023. On this news, Enovix’s stock price declined approximately 44%.

Then, on January 3, 2023, defendant Thurman J. Rogers, Enovix’s Executive Chairman, revealed that Enovix’s second production facility and future manufacturing lines would be delayed by several additional months because of equipment failures. On this news, Enovix’s stock price declined an additional 41%, further damaging investors.

Investors who purchased or otherwise acquired shares of Enovix should contact the Firm prior to the March 7, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.