Recently news broke that EV start-up, Rivian, would be hiking the price of their upcoming vehicles by about 20%. Later the company rolled back the hikes for cars pre-ordered before the announcement. Now shareholders have called CEO RJ Scaringe's price rollback and apology a futile attempt at damage control and are suing the company.
The court is in session. The case claims the company misled investors in its initial public offering. Scaringe hopes the reverse will mend the damaged trust for customers. Since the initial price hike, Rivian's stock has dropped 37%.
Telling it like it is - Tune in next week for another dramatic chapter of “The Young and the Electric.”