Enovix Falsely Touted Battery Ramp-Up, Investor Lawsuit Says

Battery developer Enovix Corp. represented to investors and the public that it was focused on commercializing its advanced battery technology by building a manufacturing plant at the scale necessary for sales to consumers, but misrepresented the work’s status and fell well short of its goals, an investor says in a new suit.

“Enovix hopes to customize and deliver its batteries to other companies which can then incorporate them into their consumer electronics, such as wearable smartwatches, VR headsets, laptop computers, mobile phones, and electric vehicles,” he says.

After a third-quarter financial report in November 2022 showing just $8,000 in revenue, ...