VinFast Auto Ltd. (NASDAQ: VFS)

This lawsuit is for anyone who acquired securities in VinFast Auto Ltd. (NASDAQ: VFS) from August 15, 2023 through April 11, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, in the Offering Documents issued in connection with the August 2023 merger by and among the Company, Black Spade, and Nuevo Tech Limited, and 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 overstating the Company’s ability to deliver vehicles to customers and by failing to timely tell investors that the Company would now need a large capital infusion to make good on previously promised deliveries.

On October 15, 2023, Bloomberg reported that VinFast’s planned to aggressively move into Southeast Asian markets and that the Company would need to raise “a lot of capital” in order to fuel its global expansion plans and would “rely on [financial] support from parent company Vingroup SC and its founder Pham Nhat Vuong in the next 18 months.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on January 18, 2024, VinFast disclosed that it had delivered a total of 34,855 EVs in 2023, falling short of its target of 40,000-50,000 units. On this news, the price of the Company’s stock again 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 VinFast Auto Ltd. (NASDAQ: VFS) from August 15, 2023 through April 11, 2024 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.