According to the Complaint, Arrival SA is a manufacturer and distributor of commercial electric vehicles (“EVs”), including vans, cars, and buses. Arrival develops vertically integrated technologies and products that create a new approach to the assembly of EVs.

On March 24, 2021, Arrival SA consummated a business combination with CIIG Merger Corp. Prior to its business combination with Arrival, CIIG was a special purpose acquisition company (“SPAC”), also known as a “blank check” company.

The Complaint alleges Arrival made false and misleading statements to the public throughout the Class Period and failed to disclose material adverse facts about the Company’s business, operational, and financial prospects. Specifically, the Complaint alleges Arrival made false and/or misleading statements concerning: (i) the Company would record a substantially greater net loss and adjusted EBITDA loss in the third quarter of 2021 compared to the third quarter of 2020; (ii) the Company would experience far greater capital and operational expenses required to operate and deploy its microfactories and manufacture EVs than disclosed; (iii) the Company would not capitalize on or achieve profitability or provide meaningful revenue in the time periods disclosed; (iv) the Company would not achieve its production and sales volumes; (v) the Company would not meet the disclosed production rollout deadlines; (vi) accordingly, the Company materially overstated its financial and operational position and/or prospects; and (vii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

This case was voluntarily dismissed on March 7, 2022. A related action continues under Docket 22-CV-00172.

On April 15, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on September 12. On February 14, 2023, Lead Plaintiff filed a second Amended Complaint. Defendants filed a Motion to Dismiss the second Amended Complaint on June 22.

On March 18, 2025, the parties notified the Court that they had reached an agreement in principle to settle the case. The Court administratively closed with leave to reopen the pending Motion to Dismiss in light of the Settlement.

On June 23, 2025, the parties entered into a Stipulation of Settlement.