INVZ INVESTOR ALERT

Bronstein, Gewirtz & Grossman LLC Announces that Innoviz Technologies Ltd. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit! - Seite 2

(3) accordingly, Innoviz had overstated its business and/or financial prospects; and

(4) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On March 1, 2023, during pre-market hours, Innoviz issued a press release announcing the Company’s financial and operational results for its fiscal full year (“FY”) 2022. Among other items, Innoviz reported GAAP1 FY 2022 earnings per share (“EPS”) of -$0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. In addition, Innoviz guided for FY 2023 revenue to fall in the range of $12 million to $15 million, significantly below consensus estimates of $30 million.

The Company’s disappointing FY 2022 results came as a surprise to investors given that Innoviz had previously extolled the benefits it would derive from its various partnerships with purported “Tier-1 companies.” Indeed, after a multi-year period of announcing partnerships with various automotive companies throughout the world, the press release reporting the Company’ FY 2022 results said conspicuously little about these supposed collaborations, referencing only its partnerships with BMW and Volkswagen.

On this news, Innoviz’s ordinary share price fell $0.71 per share, or 14.95%, to close at $4.04 per share on March 1, 2023.

What’s Next?

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/INVZ or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Innoviz you have until May 14, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.

There is No Cost to You

We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.

Why Bronstein, Gewirtz & Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.

Attorney advertising. Prior results do not guarantee similar outcomes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240318847643/en/

The Innoviz Technologies Stock at the time of publication of the news with a raise of 0,00 % to 1,310USD on Nasdaq stock exchange (18. März 2024, 23:01 Uhr).