Kessler Topaz Meltzer & Check, LLP Announces Proposed Settlement of Class Action Involving Purchasers of Rivian Automotive, Inc. Class A Common Stock

LOS ANGELES, Feb. 3, 2026 /PRNewswire/ -- The following statement is being issued by Kessler Topaz Meltzer & Check, LLP regarding notice of a proposed class action settlement.

UNITED STATES DISTRICT COURT
FOR THE CENTRAL DISTRICT OF CALIFORNIA
WESTERN DIVISION

SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT; 
(II) SETTLEMENT HEARING; AND (III) MOTION FOR ATTORNEYS'
FEES AND LITIGATION EXPENSES

TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED RIVIAN AUTOMOTIVE, INC. CLASS A COMMON STOCK BETWEEN NOVEMBER 10, 2021, AND MARCH 10, 2022, INCLUSIVE, AND WERE DAMAGED THEREBY.¹

PLEASE READ THIS NOTICE CAREFULLY;
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Central District of California ("Court"), that the Court-appointed Class Representatives Sjunde AP-Fonden and James Stephen Muhl (together, "Plaintiffs"), on behalf of themselves and the Court-certified Classes in the above-captioned securities class action ("Action"), have reached a proposed settlement of the Action with defendants Rivian Automotive, Inc. ("Rivian"), Robert J. Scaringe, Claire McDonough, Jeffrey R. Baker, Karen Boone, Sanford Schwartz, Rose Marcario, Peter Krawiec, Jay Flatley, Pamela Thomas-Graham, Morgan Stanley & Co. LLC, Goldman Sachs & Co., LLC, J.P. Morgan Securities LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., Allen & Company LLC, BofA Securities, Inc., Mizuho Securities USA LLC, Wells Fargo Securities, LLC, Nomura Securities International, Inc., Piper Sandler & Co., RBC Capital Markets, LLC, Robert W. Baird & Co. Inc., Wedbush Securities Inc., Academy Securities, Inc., Blaylock Van, LLC, Cabrera Capital Markets LLC, C.L. King & Associates, Inc., Loop Capital Markets LLC, Samuel A. Ramirez & Co., Inc., Siebert Williams Shank & Co., LLC, and Tigress Financial Partners LLC (collectively, "Defendants") for $250,000,000 in cash that, if approved by the Court, will resolve all claims in the Action.

A hearing ("Settlement Hearing") will be held on May 15, 2026 at 10:30 a.m. Pacific Time, before the Honorable Josephine L. Staton, United States District Judge for the Central District of California, either in person in Courtroom 8A, 8th Floor of the First Street U.S. Courthouse, 350 W 1st Street, Los Angeles, CA 90012, or by telephone or videoconference (at the discretion of the Court), to determine, among other things: (i) whether the Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate to the Classes, and should be finally approved by the Court; (ii) whether the Action should be dismissed with prejudice against Defendants and the releases specified and described in the Stipulation (and in the Notice (defined below)) should be granted; and (iii) whether Class Counsel's motion for attorneys' fees in an amount not to exceed 24% of the Settlement Fund and payment of expenses in an amount not to exceed $6.9 million (which amount may include a request for reimbursement of the reasonable costs incurred by Plaintiffs directly related to their representation of the Classes in an aggregate amount not to exceed $125,000) should be approved. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the website, www.RivianSecuritiesLitigation.com.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. This notice provides only a summary of the information contained in the full Notice of (i) Proposed Settlement; (ii) Settlement Hearing; and (iii) Motion for Attorneys' Fees and Litigation Expenses ("Notice"). You may obtain a copy of the Notice, along with the Claim Form, on the case website, www.RivianSecuritiesLitigation.com. You may also obtain a copy of the Notice and Claim Form by contacting the Claims Administrator by mail at Crews v. Rivian Automotive Securities Litigation, c/o Verita Global, LLC, P.O. Box 301170, Los Angeles, CA 90030-1170; by calling toll free 1-888-298-2026; or by emailing [email protected]. Copies of the Notice and Claim Form can also be found on the website for Class Counsel, www.ktmc.com.

If you are a Class Member, in order to be eligible to receive a payment from the proposed Settlement, you must submit a Claim Form postmarked (if mailed) or online via www.RivianSecuritiesLitigation.com no later than April 20, 2026, in accordance with the instructions set forth in the Claim Form. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any releases, judgments, or orders entered by the Court in the Action.

Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel's motion for attorneys' fees and Litigation Expenses must be submitted to the Claims Administrator, Verita Global, LLC. Objections must be received no later than April 24, 2026, in accordance with the instructions set forth in the Notice. As the Classes were previously certified and, in connection with class certification, Class Members had the opportunity to request exclusion from the Classes, the Court has exercised its discretion not to allow a second opportunity to request exclusion in connection with the Settlement proceedings.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE. All questions about this notice, the Settlement, or your eligibility to participate in the Settlement should be directed to Class Counsel or the Claims Administrator.

Requests for the Notice and Claim Form should be made to the Claims Administrator:

Crews v. Rivian Automotive Securities Litigation
c/o Verita Global, LLC
P.O. Box 301170
Los Angeles, CA 90030-1170

1-888-298-2026

[email protected]
www.RivianSecuritiesLitigation.com

All other inquiries should be made to Class Counsel:

KESSLER TOPAZ MELTZER
& CHECK, LLP
Sharan Nirmul, Esq.
280 King of Prussia Road
Radnor, PA 19087
Telephone: (610) 667-7706

- or -

Jennifer L. Joost, Esq.
One Sansome Street, Suite 1850
San Francisco, CA 94104
Telephone: (415) 400-3000

[email protected]
www.ktmc.com

Please Do Not Call or Write the Court with Questions.

¹The Court certified the following Classes (together, referred to as the "Class"):
For 1934 Act Claims: All persons and entities who purchased or otherwise acquired Rivian Class A common stock between November 11, 2021, and March 10, 2022, inclusive, and were damaged thereby. The Class excludes those who purchased Rivian Class A common stock at the fixed IPO price.
For 1933 Act Claims: All persons and entities who purchased or otherwise acquired Rivian Class A common stock between November 10, 2021, and March 10, 2022, inclusive, and were damaged thereby.
Certain persons and entities are excluded from the Class as detailed in the Stipulation and Agreement of Settlement dated October 23, 2025 ("Stipulation") and the Notice described below.

SOURCE Kessler Topaz Meltzer & Check LLP