A shareholder is suing Rivian Automotive Inc., alleging the electric-vehicle startup misled investors by failing to disclose it had underpriced its vehicles and would need to raise prices after its market debut.
The lawsuit, filed Monday in a California U.S. District Court, was brought by shareholder Charles Crews, who according to the complaint purchased 35 shares of Rivian stock on its first day of public trading in November at about $112.83 a share. The suit is seeking class-action status.