A securities class action has been filed against VinFast Auto Ltd. (VFS) on behalf of all persons and entities that purchased or otherwise acquired VinFast securities: (1) pursuant to the registration statement and prospectus issued in connection with the Company’s August 14, 2023 initial public offering (“IPO”); or (ii) between August 15, 2023 through January 17, 2024.  This case has been filed in the USDC – S.D.N.Y.

The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, the Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose 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, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.