Enovix stock drops 14% as fraud investigation begins over misleading battery tech claims

Enovix Corp. is under investigation by Block & Leviton LLP for potentially misleading investors about the readiness of its AI-1 silicon-anode battery cells for smartphones. Despite earlier claims in 2026 that the battery was near qualification, Enovix revealed on November 12 that the cells missed energy-density targets and will not proceed with smartphone testing, shifting focus to smart eyewear instead. This announcement caused the stock to fall about 14%. Investors who lost money may be eligible to recover losses through legal action. Block & Leviton is actively investigating and encourages affected investors to contact them for assistance.

Enovix Corporation's stock price on Pluang dropped sharply by 22.13% to USD 1.97 as of November 12, 2026, 22:41 WIB, reflecting significant investor reaction. Despite the sell-off, 71% of Pluang users are buying the stock, with a typical holding period of 11 days. The company's market cap stands at $556.30 million, showing it remains a notable player in the Industrials sector.