Robbins Geller Rudman & Dowd LLP

SAN DIEGO, April 12, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that the purchasers or purchasers of the securities of VinFast Auto Ltd. (NASDAQ: VFS; VFSWW): (i) between August 15, 2023 and January 17, 2024, inclusive (the “Risk Period”); and/or (ii) pursuant to and/or monitoring of VinFast’s offering documents issued in connection with the merger completed on August 14, 2023 by VinFast, Black Spade Acquisition Co., and Nuevo Tech Limited (the “Merger”), have been granted until June. 11, 2024 to seek appointment as the lead plaintiff of VinFast class action lawsuit. It is written Comeau v. VinFast Auto Ltd.No. 24-cv-02750 (EDNY), the VinFast The class action lawsuit charges VinFast and certain current and former VinFast executives and directors with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934.

If you suffered a significant loss and would like to serve as the primary plaintiff for VinFast class action lawsuit, please provide your details here:

You can also contact lawyers JC Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via email at info@rgrdlaw.com. The VinFast class action plaintiff’s arguments must be submitted to the court before June 11, 2024.

ALLEGATIONS OF THE CASE: VinFast describes itself as “an innovative and full-scale mobility platform focused primarily on designing and manufacturing premium EVs (“electric vehicles”), e-scooters and e-buses.” Prior to the Merger, VinFast operated as a publicly traded special purpose vehicle (SPAC or empty company).

The VinFast The class action lawsuit alleges that the defendants throughout the Class Period and in the offering documents made false and/or misleading statements and/or failed to disclose that: (i) VinFast lacked sufficient capital to execute its purported growth strategy; (ii) VinFast will not be able to meet its 2023 delivery targets; and (iii) accordingly, VinFast had overestimated the strength of its business model and its ability to operate, as well as its post-Merger business and/or financial prospects.

The VinFast The class action lawsuit further alleges that on October 15, 2023, Bloomberg published an article titled “VinFast to Expand in Southeast Asia, Raise More Capital,” which revealed that VinFast would need to raise “significant capital” to fuel its international expansion plans and “will depend on (financial) support from the parent company.” of Vingroup JSC and its founder Pham Nhat Vuong in the next 18 months. With this news, VinFast’s share price fell more than 18%, according to the complaint.

Then, on January 18, 2024, the complaint further alleges that VinFast disclosed that it delivered a total of 34,855 EVs in 2023, well short of its annual delivery target of 40,000-50,000 units. On this news, VinFast’s stock price fell, according to the complaint.

THE PROCESS OF THE LEADING ACCUSED: The Private Securities Litigation Amendment Act of 1995 allows any investor who purchased or acquired securities of VinFast during the Class Period and/or to pursue and/or pursue issuance documents related to the Merger to seek designation as a lead plaintiff in VinFast class action lawsuit. The lead plaintiff is generally the mover with a substantial financial interest in the relief sought by the depositor class which is also common and sufficient to the depositor class. The lead plaintiff acts on behalf of all other class members in the lead VinFast class action lawsuit. The lead plaintiff may choose a law firm of his choice to sue VinFast class action lawsuit. An investor’s ability to participate in a potential future recovery is not dependent on serving as the principal plaintiff VinFast class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s largest complex action firms representing plaintiffs in securities fraud cases. The firm is ranked #1 on the most recent ISS Top 50 Securities Practice Services Report for returning more than $1.75 billion to investors in 2022 – the third year in a row Robbins Geller has topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount returned by any other plaintiff firm. With 200 attorneys in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained the largest collateral action recoveries in history, including the largest collateral action recovery ever – dollars 7.2 billion – in In re Enron Corp. Sec. Litig.

Robbins Geller has launched A dedicated SPAC Task Force to protect investors in blank check companies and to seek redress for the company’s poor performance. Staffed by experienced prosecutors, investigators and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise of blank check financing poses unique risks for investors. Robbins Geller’s SPAC Task Force represents the front line of ensuring integrity, honesty, and fairness in this rapidly evolving investment field.

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Address:
Robbins Geller Rudman & Dowd LLP
JC Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com