The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of VinFast Auto Ltd. (VFS) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired VinFast Auto Ltd. (“VinFast” or the “Company”) (NASDAQ: VFS) f/k/a Black Spade Acquisition Co., (“Black Spade”), securities: (a) pursuant and/or traceable to the Offering Documents issued in connection with the August 2023 merger (“Merger”) by and among the Company, Black Spade, and Nuevo Tech Limited; and/or (b) between August 15, 2023 and January 17 2024, both dates inclusive (the “Class Period”). VinFast investors have until June 11, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On October 15, 2023, Bloomberg reported that VinFast’s planned to aggressively move into Southeast Asian markets and that the Company would need to raise “a lot of capital” in order to fuel its global expansion plans and would “rely on [financial] support from parent company Vingroup SC and its founder Pham Nhat Vuong in the next 18 months.”

On this news, VinFast’s stock price fell $1.45, or 18.2%, to close at $6.53 per share on October 16, 2023, thereby injuring investors.

Then, on January 18, 2024, VinFast disclosed that it had delivered a total of 34,855 EVs in 2023, falling short of its target of 40,000-50,000 units.

On this news, VinFast’s stock price fell $0.13, or 2.3%, to close at $5.64 per share on January 18, 2024, thereby injuring investors further.

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, the Offering Documents and Defendants failed to disclose to investors that: (1) VinFast lacked sufficient capital to execute its purported growth strategy; (2) VinFast would be unable to meet its 2023 delivery targets; (3) accordingly, VinFast had overstated the strength of its business model and operational capabilities, as well as its post-Merger 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.

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If you purchased VinFast securities during the Class Period, you may move the Court no later than June 11, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased VinFast securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240418652527/en/

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of VinFast Auto Ltd. (VFS) Investors