12:30 PM EDT, 05/21/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

VinFast's (VFS) shares fell nearly 16% in recent Tuesday trading after Reuters reported, citing a complaint filed by real estate services firm SPG Center, that VinFast is facing charges in California's Superior Court for not paying rent for a store in Palo Alto.

SPG Center said that the company had rented the premises from the end of March 2023 but stopped paying from May 2023 through April this year, with the amount due now totaling almost $356,000.

VinFast said in a statement to Reuters that the allegations were inaccurate and that it suspended rent payments in April 2024 over negotiations with the landlord to amend the lease agreement.

SPG Center also said in its complaint that it had sent a notice to the company to pay or quit by May 1 but VinFast did not comply.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 5.33, Change: -1.00, Percent Change: -15.74