Electric vehicle manufacturer Rivian has been slapped with a lawsuit which alleged that the company misled the investors with false claims regarding its business, operations and prospects.

The class-action lawsuit made a number of allegations which included overstating the demand of its Electric vehicles and also not making it clear how it will handle the negative and near-term macroeconomic impacts.

The lawsuit also revealed that Rivian’s business was experiencing reduced demands as well as increased customer cancellations precipitated by inter alia, high interest rates.

The orders had significantly reduced and this has significantly reduced the profits and the manufacturing of vehicles in 2024.

Rivian Faces New Class-Action Lawsuit Alleging Deceptive Statements

The lawsuit also alleged that the Company’s public statements were materially false and misleading at all relevant times.

Rivian’s stock, like all other EV startups, has been tanking and this has angered the investors who saw a major portion of their investments eroded and a number of law firms like Bernstein Liebhard LLP announced this week that it has filed a securities class action lawsuit on investors’ behalf.

The lawsuit stated that the EV manufacturer had violated the Securities Exchange Act of 1934 and has asked investors who had bought shares of Rivian Automotive, Inc. between March 1, 2023, and February 21, 2024, to join its suit.

The company’s stocks have fallen and one of the primary reasons was the high interest rates. Rivian’s products are beyond the reach of an average income household.

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The Rivian’s Electric vehicles target customers were wealthier clients and the spurt in order cancellations means this class is walking away from Rivian’s product.

The stocks of the company were popular for the investors but the reduced demands caused by higher borrowing cost have hit its stock prices badly.

The price war has also affected the EV sector and the company also with its competitors like Tesla has been uniformly affected.

The EV sector marked value has tanked by more than 57% year-to-date.

The chance of a fall in interest rates is not expected since the Federal Reserve will not lower the benchmark interest rate since it could lead to a bout of hyperinflation.

Also another factor which will discourage the Federal Reserve to lower interest rates is the soaring energy prices caused by the war in Ukraine and the Middle East.

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Cicadas, the loud and noisy insects that make periodic appearances once in more than a decade, will emerge from their underground abode in the coming months in northern Illinois. This year is going to be even more unique because the Great Southern brood and the Northern brood will be emerging together. This phenomenon is happening only after 1803. However, Cicadas are unique because they are one of the longest-lived insects on the planet.

Their emergence from their underground abode will, however, be very brief and will last only for a month. The insects emerge from their underground abode where they had spent 17 years, or 99% of their life, only to brood and bring to life their next generation before dying en masse.

Cicadas have a notorious reputation for being loud, and there is some truth in this phenomenon. All the male Cicadas emit loud buzzing sounds reaching 90 decibels to attract the females. This may not seem loud, but imagine 100,000 to 1 million insects in a single acre screaming at 90 decibels, and it can drive any person crazy.

Most female Cicadas cut a leaf on trees and lay about 10 to 20 eggs per cut on these leaves. Each female can lay 600 eggs. The eggs hatch in six to 10 weeks, and the cicada nymphs emerge.

The nymphs drop on the ground and burrow 8 to 12 inches into the ground, feed on tree roots, and spend the next 17 years of their life cycle underground. At the end of their life cycle, they emerge from their subterranean refuge as adults, and the next generation is born.

Cicadas never venture far from their birthplace, and this makes it easier for scientists to accurately predict where they emerge since the North American broods are geographically set and can be tracked by scientists.

It is estimated that there are 3,000 to 5,000 species of cicadas around the world, but the 13- and 17-year periodical cicadas are peculiar to the eastern U.S. There are only two other known species that have such a long life cycle, one in northeast India and one in Fiji, with the former having a four-year life cycle and the latter an eight-year life cycle.

Cicadas are relatively benign insects, and they do not bite or cause crop loss as compared to locusts. The usual insecticides also do not have any effect on them, though their deaths in large numbers after brooding can cause an unpleasant smell in the air.

The appearance of the Cicadas has been predicted in May because by then the temperature will reach 64 degrees Fahrenheit. However, global warming means the phenomenon can occur earlier also. Also, deforestation could also have a bearing on their appearance.

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Kennywood’s Steel Curtain roller coaster will not be available this 2024 season, and this has miffed a Kensington man to the extent that he has filed a lawsuit against Kennywood and its parent companies, alleging that the officials had known this fact long before but withheld it to boost season pass sales.

Lawsuit Against Kennywood

The lawsuit, filed in the Allegheny County Common Pleas Court by Joshua Miller and his attorney, John A. Biedrzycki III on Monday, alleges that it was a deliberate attempt to hide the fact to accrue financial benefits by boosting season pass sales.

The lawsuit alleges that Kennywood has created advertising campaigns targeting consumers like Mr. Miller and others to purchase the 2024 season pass under the belief that the benefits included myriad park attractions, including the Steel Curtain.

In the lawsuit, it was revealed that Mr. Miller bought his season pass under the assumption that all rides would be operational.

However, on April 17, three days before the park opened for the season, it was revealed that Steel Curtain would be closed for the season.

The announcement was made by Ricky Spicuzza, the park’s assistant general manager, and the reason for the closure was cited as the coaster undergoing an “extensive modification project.”

Ricky Spicuzza said,

“We understand the frustration many of you have felt not being able to experience the Steel Curtain. On behalf of our entire team, we absolutely share that frustration with you.”

However, the lawsuit contends that the fact was known long before last week that the 220-foot-tall coaster would be out of commission.

The lawsuit states,

“The company withheld this information from season pass purchasers so as not to lose season pass customers, or, alternatively, so as not to offer a discount on season passes due to the unavailability of the Steel Curtain.”

The lawsuit also details numerous violations of the state’s unfair trade practices and consumer protection law. This includes failure to disclose the Steel Curtain’s closure with the full knowledge that the consumer believed that it would be functional for the 2024 season.

The park offered varied passes, which ranged from season passes priced from $109.99 to $239.99.

The lowest endowed pass was the bronze pass, which provided unfettered admission except on certain blackout dates.

The premium range included the platinum pass, which offered year-round admission to Kennywood, Sandcastle, Idlewild, and Palace Entertainment’s Dutch Wonderland in Lancaster.

Additionally, it also offered free parking, discounts on food and retail, and three free guest tickets.

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