On this news, VinFast’s shares declined $1.45, or 18%, to close at $6.53 per share on Oct. 16, 2023, according to the complaint.
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.
