NEW YORK, Nov. 14, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired SolarEdge Technologies, Inc. (“SolarEdge” or the “Company”) (NASDAQ: SEDG) securities during the period from May 3, 2023 through October 19, 2023 (the “Class Period”). Investors have until January 2, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On August 1, 2023, SolarEdge held a conference call with investors and analysts regarding its second quarter 2023 financial results. During the call, Defendant Zvi Lando (the Company’s CEO) stated that “distribution channels in Europe are experiencing higher than optimal inventory levels, especially as it relates to solar modules.” On this news, the price of SolarEdge shares declined by $43.96 per share, or approximately 18.36%, from $239.47 per share to close at $195.51 on August 2, 2023.
On October 19, 2023, SolarEdge announced its preliminary financial results for the third quarter of 2023. 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. On this news, the price of SolarEdge shares declined by $31.08, or approximately 27.27%, from $113.98 per share to close at $82.90 on October 20, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) SolarEdge distribution channels in Europe had higher than optimal inventory levels; (ii) as a result, the Company was experiencing substantial cancellations and pushouts of existing backlog from its European distributors; and (iii) the Company’s backlog and guidance was overstated.
If you purchased or otherwise acquired SolarEdge securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
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