Enovix investors didn’t adequately allege the company made false statements about tests of its factory equipment, a federal court ruled, dismissing for now a proposed class suit claiming securities fraud.
The shareholders also didn’t show the necessary level of intent, Judge Susan Illston said for the US District Court for the District of Northern California, Bloomberg reported. Enovix investors would still be able to file a new version of the complaint
Enovix went public through a merger with Rodgers Silicon Valley Acquisition in July 2021. The combined enterpirse had a valuation of avbout $1.13 billion. The transaction resulted in approximately $405 million of gross cash proceeds, before deducting placement agent commissions and other offering-related expenses. Read more.
