RADNOR, Pa., March 11, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Mobileye Global Inc. (“Mobileye”) (NASDAQ: MBLY). The action charges Mobileye with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Mobileye’s materially misleading statements and omissions to the public, Mobileye’ s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR MOBILEYE LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/mobileye-global-inc?utm_source=PR&utm_medium=link&utm_campaign=mbly&mktm=r
TO VIEW OUR VIDEO, PLEASE CLICK HERE
LEAD PLAINTIFF DEADLINE: MARCH 18, 2024
CLASS PERIOD: JANUARY 26, 2023 THROUGH JANUARY 3, 2024
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at info@ktmc.com
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field as well as the firm itself which is continuously awarded for the successful results we’ve achieved. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
In addition to representing investors in cases where the fraud has been revealed, Kessler Topaz also represents whistleblowers – persons who expose wrongdoing to those in positions of authority or to the public- in cases brought under federal and state qui tam statutes, and through financial fraud whistleblower programs, such as those run by the SEC, CFTC and IRS. If you have information about fraud against government programs (such as Medicare), or violations of federal securities, commodities, tax or anti-foreign bribery laws, contact Kessler Topaz at (866) 369-7779 or at wbinfo@ktmc.com or go to https://www.ktmc-whistleblower.com.
DEFENDANTS’ ALLEGED MISCONDUCT
The Class Period begins on January 26, 2023, when Mobileye issued a press release to announce its fourth quarter and full year 2022 results. In the release, Mobileye touted its purported strong financial performance and its expected strong performance for 2023. Thereafter, and throughout the Class Period, Mobileye also assured investors that management is monitoring inventory levels on an ongoing basis to mitigate any supply chain constraints.
The truth was revealed on January 4, 2024, when, before the market opened, Mobileye issued a press release and disclosed that the company had “become aware” of a build-up of excess inventory including an estimated 6-7 million units of EyeQ SoCs held by customers. Mobileye attributed this result to “supply chain constraints in 2021 and 2022 and a desire to avoid part shortages” and “lower than-expected production at certain OEM’s during 2023.” Additionally, Mobileye disclosed that “the lower-than-expected volumes in the EyeQ® SoC business will have a temporary impact on our profitability” and that Mobileye “expect[s] Q1 revenue to be down approximately 50%, as compared to the $458 million revenue generated in the first quarter of 2023.”
On this news, Mobileye’s stock price fell $9.75 per share, or 24.5%, to close at $29.97 per share on January 4, 2024.
WHAT CAN I DO?
Mobileye investors may, no later than March 18, 2024, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Mobileye investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Mobileye, Mcauliffe v. Mobileye Global Inc., et al., Case No. 24-cv-00310, is filed in the United States District Court for the Southern District of New York and is pending before the Honorable Denise Cote.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
info@ktmc.com
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