PR Newswire
NEW YORK, Nov. 3, 2023
NEW YORK, Nov. 3, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Enovix Corporation ("Enovix" or the "Company") (NASDAQ: ENVX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Enovix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On October 3, 2023, Enovix issued a press release "announc[ing] that it has initiated a strategic realignment of Fab1 in Fremont designed to refocus the facility from a manufacturing hub to its 'Center for Innovation,' focused on new product development." Enovix stated that "[s]hifting Fab1's focus will result in a reduction of the workforce in Fremont that had been dedicated to supporting 24/7 manufacturing by approximately 185 personnel, including over 125 contractors. Enovix expects this restructuring to be completed during the fourth quarter of 2023 and result in annualized savings of approximately $22 million." On this news, Enovix's stock price fell sharply during intraday trading on October 3, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
