Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against SolarEdge Technologies, Inc. (SEDG)
News provided byGlancy Prongay & Murray LLP
Nov 20, 2023, 11:07 AM ET
LOS ANGELES, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 2, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired SolarEdge Technologies, Inc. (“SolarEdge” or the “Company”) (NASDAQ: SEDG) securities between May 3, 2023 and October 19, 2023, inclusive (the “Class Period”).
If you suffered a loss on your SolarEdge investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/SolarEdge-Technologies-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On August 1, 2023, after the market closed, the Company held a conference call with investors and analysts regarding its second quarter 2023 results. During the call, Defendant Zvi Lando (“Lando”) stated that “distribution channels in Europe are experiencing higher than optimal inventory levels, especially as it relates to solar modules.”
On this news, the Company’s share price fell $43.96 per share, or 18.3%, to close at $195.51 per share on August 2, 2023, on unusually high trading volume.
Then, on October 19, 2023, after the market closed, SolarEdge issued a press release announcing its preliminary financial results for the third quarter of 2023. In the press release, the Company 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.” As a result, the Company also disclosed that it “anticipates significantly lower revenues in the fourth quarter of 2023 as the inventory destocking process continues.”
On this news, the Company’s share price fell $31.08, or 27.2%, to close at $82.90 per share on October 20, 2023, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s distribution channels in Europe had higher than optimal inventory levels; (2) that, as a result, the Company was experiencing substantial cancellations and pushouts of existing backlog from its European distributors; (3) that, as a result, the Company’s backlog and guidance was overstated; and (4) that, as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired SolarEdge securities during the Class Period, you may move the Court no later than January 2, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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