Investors Alerted to Impending Deadline for Innoviz Technologies Class Action Lawsuit

Investors who purchased or acquired securities of Innoviz Technologies Ltd. (NASDAQ: INVZ) have been reminded by Glancy Prongay & Murray LLP (GPM) of the upcoming deadline to file a lead plaintiff motion in the class action lawsuit. The deadline is rapidly approaching on May 14, 2024. This class action lawsuit encompasses investors who made purchases or acquisitions between April 21, 2021, and February 28, 2023.

If you suffered any losses on your investment in Innoviz or are interested in exploring potential claims, you can submit your contact information at www.glancylaw.com/cases/Innoviz-Technologies-Ltd/. Alternatively, you can contact Charles H. Linehan of GPM via phone at 310-201-9150 or toll-free at 888-773-9224. You may also reach out via email at [email protected] to learn more about your rights.

Innoviz released its fiscal year 2022 financial results on March 1, 2023. The results revealed that the company missed consensus estimates, reporting GAAP earnings per share of negative $0.94, below expectations by $0.06, and revenue of $6.03 million, missing expectations by $0.96 million. Furthermore, Innoviz’s 2023 guidance projected significantly lower figures, ranging from $12 to $15 million, compared to consensus estimates of $30 million.

Following the announcement, Innoviz’s stock price plummeted by 15% ($0.71) to close at $4.04 per share on March 1, 2023, adversely impacting investors who suffered losses.

According to the complaint filed in this class action, Defendants are accused of making misleading statements and failing to disclose adverse facts about Innoviz’s business, operations, and potential risks. Allegedly, Innoviz overstated the benefits derived from its collaborations and partnerships with automotive companies, leading to inflated expectations for profitability. As a result, investors were misled about the business and financial prospects of the company.

Stay connected with Glancy Prongay & Murray LLP by following them on LinkedIn, Twitter, or Facebook for updates on the progress of the class action lawsuit.

If you purchased or acquired Innoviz securities during the Class Period, it is advisable to take action no later than May 14, 2024, to request appointment as a lead plaintiff in this lawsuit. However, you need not take immediate action to be part of the class action. You may choose to retain your preferred legal counsel or remain an absent member of the class action.

For more information on this class action and your rights or interests regarding the pending lawsuit, please contact Charles Linehan, Esquire, of GPM at 1925 Century Park East, Suite 2100, Los Angeles, California 90067. You can call at 310-201-9150 or toll-free at 888-773-9224. You may also send an email to [email protected] or visit www.glancylaw.com. When contacting via email, please include your mailing address, telephone number, and the number of shares purchased.

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While the article provides information about the impending deadline to file a lead plaintiff motion in the Innoviz Technologies class action lawsuit, there are several relevant facts, current market trends, forecasts, and challenges associated with the subject that are not mentioned.

Current Market Trends:
1. Automotive LiDAR Market Growth: LiDAR (Light Detection and Ranging) technology, which Innoviz Technologies specializes in, is a crucial component for autonomous vehicles. The market for LiDAR technology is experiencing significant growth due to the increasing demand for autonomous vehicles and their advanced sensing capabilities.

2. Increasing Adoption of LiDAR in Automotive Industry: The automotive industry is increasingly incorporating LiDAR technology in their vehicles to enhance safety and enable advanced driver assistance systems. This adoption is driven by regulatory requirements, consumer demand for advanced safety features, and the pursuit of fully autonomous vehicles.

Forecasts:
1. Growth in LiDAR Market: The global LiDAR market is projected to grow at a compound annual growth rate (CAGR) of around 32% during the forecast period from 2023 to 2028. This growth is driven by the increasing adoption of LiDAR technology in various industries, including automotive, mapping, and robotics.

2. Expansion of Autonomous Vehicle Market: The autonomous vehicle market is expected to witness substantial growth in the coming years as major automakers and tech companies continue to invest in self-driving technology. This growth will drive the demand for advanced sensing technologies like LiDAR.

Key Challenges or Controversies:
1. Cost and Scalability: One of the challenges associated with LiDAR technology is its relatively high cost, which poses a barrier to widespread adoption. Companies like Innoviz Technologies need to address this challenge to make their solutions more affordable and scalable for mass-market deployment.

2. Regulation and Safety Concerns: As autonomous vehicles become more prevalent on the roads, there are ongoing discussions and debates regarding regulations and safety standards. Ensuring the safety and reliability of LiDAR technology in autonomous vehicles is critical to gaining public trust and regulatory approval.

Advantages and Disadvantages:
Advantages:
1. Enhanced Safety: LiDAR technology provides accurate and real-time depth information, allowing autonomous vehicles to detect and avoid obstacles, pedestrians, and other vehicles, thereby enhancing overall safety on the roads.

2. Precision and Range: LiDAR sensors offer high precision and a wide range of detection, enabling vehicles to perceive their surroundings with high resolution and accuracy, even in challenging weather conditions.

Disadvantages:
1. Cost: As mentioned earlier, the cost of LiDAR technology remains a significant disadvantage, hindering its mass-market adoption. The cost reduction and optimization of LiDAR systems are crucial for wider industry acceptance.

2. Sensitivity to Environmental Factors: LiDAR sensors can be affected by factors such as rain, fog, and sunlight, which may impact their performance and reliability. Overcoming these limitations and improving robustness in various conditions is an ongoing challenge.

These links provide additional information about Glancy Prongay & Murray LLP, the class action lawsuit, and updates on its progress.