Innoviz Technologies Ltd. (NASDAQ: INVZ)

This lawsuit is for anyone who acquired securities in Innoviz Technologies Ltd. (NASDAQ: INVZ) from April 21, 2021 through February 28, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by touting the potential profitability of contracts that the Company had with automotive manufacturers to make sensors for vehicles that allowed for autonomous driving despite knowing that the contracts would not be as profitable as the Company alleged.

On March 1, 2023, Innoviz released its fiscal full year 2022 financial results, reporting GAAP earnings per share of negative $0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. Additionally, the Company issued 2023 guidance in the range of $12 to $15 million, significantly below consensus estimates of $30 million. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Innoviz Technologies Ltd. (NASDAQ: INVZ) from April 21, 2021 through February 28, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.