Law Offices of Howard G. Smith reminds investors of the upcoming May 14, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Innoviz Technologies Ltd. (“Innoviz” or the “Company”) (NASDAQ: INVZ) securities between April 21, 2021 and February 28, 2023, inclusive (the “Class Period”).

Investors suffering losses on their Innoviz investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.

On March 1, 2023, Innoviz released its fiscal full year 2022 financial results, reporting GAAP earnings per share of negative $0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. Additionally, the Company issued 2023 guidance in the range of $12 to $15 million, significantly below consensus estimates of $30 million.

On this news, Innoviz’s stock price fell $0.71, or 15%, to close at $4.04 per share on March 1, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Innoviz had overstated the benefits that the Company was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (2) as a result, the Company was unlikely to achieve the level of profitability that Defendants had represented to investors; (3) accordingly, Innoviz had overstated its business and/or financial prospects; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Innoviz securities during the Class Period, you may move the Court no later than May 14, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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