VinFast says 'not being sued in the US'

The fact that a US law firm is looking for clients to sue VinFast, according to the electric car company, does not mean they are breaking the law or being sued.

Today, two private law firms in the US, Robbins Gelleer Rudman & Dowd and Pomerantz, said they are collecting information from clients to open an investigation into possible violations of US securities laws by VinFast Auto. In particular, the two companies above called for information focusing on VinFast senior leaders failing to notify important information or making statements that caused misunderstandings to investors.

The information was promoted to the public through the PR Newswire portal published by the two companies.

This development immediately affected investor sentiment in the Vietnamese market and was one of the reasons why stocks plunged this afternoon.

On the evening of November 17, a representative of VinFast responded to information from two law firms in the US.

Ms. Ho Ngoc Lam, Head of the Legal Department of Vingroup and Deputy General Director in charge of legal affairs at VinFast, said that litigation is completely normal and frequent in the US. "We have always been ready to face this since we decided to launch business activities in the US market," she said.

VinFast said it always aims to disclose transparent information to investors in the market. VinFast is still "operating completely normally in the US," Ms. Lam said.

According to VinFast's Deputy General Director in charge of legal affairs, the fact that Robbins Gelleer Rudman & Dowd and Pomerantz called for customers to file a joint lawsuit does not mean that VinFast has violated the law or has been sued in the US market.

According to experts, this development is essentially a form of customer search that law firms in the US and some other countries often apply. The common method is to target large brands or listed companies, find a reason to launch a class action lawsuit and post a customer search through advertising.

Before VinFast, brands such as Tesla, electric car startup Lucid, software company Amplitude, and biopharmaceutical company Morphic were also called by law firms like the above to find clients to sue in a similar way.

Minh Son

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