Rivian agrees to pay $250 million to settle class-action lawsuit

Rivian has agreed to pay $250 million to settle a class-action lawsuit brought by shareholders. The lawsuit stems from Rivian's sudden price hike on its R1 pickup truck and SUV in 2022. The plaintiffs allege that Rivian misrepresented the manufacturing costs of the R1 electric vehicle in its 2021 IPO documents. Despite agreeing to the settlement, Rivian continues to deny all allegations.