Vietnamese EV Company Faces Investor Suit Over SPAC Merger
America ı By Rochdi Rais
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The suit alleges that shares declined again in January when VinFast announced it failed to meet guidance expectations it had affirmed in October. VinFast only delivered 34,855 electric vehicles in 2023, falling short of its annual target of 40,000 deliveries. The defendants attributed the sales shortcoming to economic headwinds that led to slow electric vehicle adoption rates in certain regions, the complaint states.
In response, several market analysts commented on VinFast's "disappointing" announcement, the suit claims.
On this news, VinFast's shares declined 13 cents per share, or 2%, to close at $5.64 per share on Jan. 18, according to the complaint.
Following the announcement of lower-than-expected electric vehicle sales, the defendants continued making misleading statements regarding VinFast's growth capacity, the suit alleges. On April 17, VinFast announced it delivered 9,689 electric vehicles for the quarter, about 10% of the 100,000 total electric vehicle deliveries it had targeted for the year.
On this news, VinFast's shares declined 35 cents, or 11%, to close at $2.72 per share on April 17.
"The Q1 2024 press release showed continuing weakness in demand and difficulties in generating additional sales, contrary to prior representations … Less than a year after the SPAC merger, the truth concerning VinFast's poor financial health was fully on display," the suit states.
The suit claims VinFast and the individual defendants acted with scienter, or actual knowledge of wrongdoing or reckless disregard, and violated the Securities Act and the Exchange Act. Qian seeks damages with pre- and post-judgment interest.
Counsel for Qian declined to comment on the suit. A representative of VinFast did not immediately respond to requests for comment on Monday.
Qian is represented by Phillip Kim and Laurence M. Rosen of The Rosen Law Firm PA and Brian Schall of The Schall Law Firm.
Counsel information for VinFast and the individual defendants was not immediately available on Monday.
The case is Qian v. VinFast Auto Ltd. et al., case number 1:24-cv-03956, in the U.S. District Court for the Eastern District of New York.
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