The class period begins Aug. 15, 2023, the day after the merger was completed. That day, VinFast’s ordinary shares began publicly trading on the Nasdaq Stock Market, according to the suit. For several weeks following the company’s debut, the defendants made misleading statements about VinFast’s business, strengths, and long-term growth strategies, the suit claims.
For example, the suit states, the company said on Oct. 5, 2023, when announcing third-quarter financial results, that it expected to deliver between 40,000 and 50,000 vehicles in full-year 2023. On the same day, Mansfield told investors that VinFast had a “concrete action plan” to accelerate its global expansion, the complaint states.
Several days later, on Oct. 15, 2023, the market reacted negatively to an article regarding VinFast’s growth outlook, the suit claims. Bloomberg reported that VinFast plans to “aggressively move” into southeast Asian markets and expects to raise “a lot of capital” to fuel its global expansion strategy, the suit states. The company will rely on support from its parent company Vingroup JSC and its founder Vuong for the next 18 months, the article stated, according to the suit.
