Rivian IPO Underwriters Secure Appellate Victory in Securities Class Action


1 minute read | April.25.2025

  • A California appellate court this week upheld the dismissal of a putative securities class action filed in California state court against Rivian and the three lead underwriters of Rivian’s 2021 IPO.
  • Orrick represented Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley LLC, the lead underwriters of Rivian’s IPO.
  • The court concluded that Rivian's federal forum provision (FFP) in its articles of incorporation, which requires Securities Act claims to be brought in federal court, was valid and enforceable, and that the FFP barred the state court suit.
  • The ruling confirms that the underwriters have standing to enforce the FFP, marking the first California appellate decision on this issue.

The Orrick team was led by Darrell Cafasso, Jim KramerJennifer Keighley and Alex Talarides.