Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of SolarEdge Technologies, Inc. (NASDAQ: SEDG) securities between May 3, 2023 and October 19, 2023, both dates inclusive (the “Class Period”), have until January 2, 2024 to seek appointment as lead plaintiff of the SolarEdge class action lawsuit. Captioned Shen v. SolarEdge Technologies, Inc., No. 23-cv-09748 (S.D.N.Y.), the SolarEdge class action lawsuit charges SolarEdge as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the SolarEdge class action lawsuit, please provide your information here:
CASE ALLEGATIONS: SolarEdge provides inverter solutions for a solar photovoltaic (PV) system.
The SolarEdge class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) SolarEdge’s distribution channels in Europe had higher than optimal inventory levels; (ii) as a result, SolarEdge was experiencing substantial cancellations and pushouts of existing backlog from its European distributors; and (iii) consequently, SolarEdge’s backlog and guidance was overstated.
The SolarEdge class action lawsuit further alleges that on August 1, 2023, SolarEdge CEO, defendant Zvi Lando revealed that “distribution channels in Europe are experiencing higher than optimal inventory levels, especially as it related to solar modules.” The SolarEdge class action lawsuit alleges that on this news, the price of SolarEdge stock fell more than 18%.
The SolarEdge class action lawsuit further alleges that on October 19, 2023, SolarEdge disclosed that “[d]uring the second part of the third quarter of 2023, we experienced substantial unexpected cancellations and pushouts of existing backlog from our European distributors” and “[a]s a result, third quarter revenue, gross margin and operating income will be below the low end of the prior guidance range.” SolarEdge further revealed that it “anticipates significantly lower revenues in the fourth quarter of 2023 as the inventory destocking process continues,” according to the complaint. The SolarEdge class action lawsuit alleges that on this news, the price of SolarEdge stock fell more than 27%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired SolarEdge securities during the Class Period to seek appointment as lead plaintiff of the SolarEdge class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the SolarEdge class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the SolarEdge class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the SolarEdge class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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