The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Innoviz had overstated the benefits that it was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (ii) as a result, the Company was unlikely to achieve the level of profitability that the defendants had represented to investors; and (iii) accordingly, Innoviz had overstated its business and/or financial prospects.

On March 1, 2023, Innoviz issued a press release announcing the Company's financial and operational results for its fiscal full-year 2022. Among other items, Innoviz reported GAAP earnings per share of -$0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. In addition, Innoviz issued guidance for FY 2023 revenue to fall in the range of $12 million to $15 million, significantly below consensus estimates of $30 million. The Company's disappointing FY 2022 results came as a surprise to investors given that Innoviz had previously extolled the benefits it would derive from its various partnerships with purported “Tier-1 companies.” Indeed, the March 1, 2023 press release said conspicuously little about these supposed collaborations – referencing only its partnerships with BMW and Volkswagen.

On this news, Innoviz's share price fell $0.71 per share, or 14.95%, to close at $4.04 per share on March 1, 2023.

Investors who purchased or acquired Innoviz securities between April 21, 2021 and February 28, 2023, may no later than May 14, 2024, seek to be appointed as a lead plaintiff representative of the class.