SAN DIEGO, Dec. 14, 2023 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired SolarEdge Technologies, Inc. (NASDAQ: SEDG) securities between February 22, 2022 and October 19, 2023. SolarEdge provides inverter solutions for a solar photovoltaic (“PV”) system. The Company’s offerings include power optimizers, inverters, monitoring services, energy storage, and smart energy management via a cloud-based monitoring platform.
For more information, submit a form, email Aaron Dumas, Jr., or give us a call at (800) 350-6003.
What is this Case About: SolarEdge Technologies, Inc. (SEDG) Misled Investors Regarding its Business Prospects
According to the complaint, during the class period, defendants failed to disclose to investors: (i) that the Company’s distribution channels in Europe had higher than optimal inventory levels; (ii) that, as a result, the Company was experiencing substantial cancellations and pushouts of existing backlog from its European distributors; and (iii) therefore, the Company’s backlog and guidance was overstated.
Plaintiff alleges that on August 1, 2023, SolarEdge held a conference call with investors and analysts regarding its second quarter 2023 results. During the call, defendant Zvi 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.
Then, on October 19, 2023, 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 per share, or 27.2%, to close at $82.90 per share on October 20, 2023.
What Now: Similarly situated shareholders may be eligible to participate in the class action against SolareEdge Technologies, Inc. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by January 2, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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| Contact: Aaron Dumas, Jr. Robbins LLP 5060 Shoreham Pl., Ste. 300 San Diego, CA 92122 adumas@robbinsllp.com (800) 350-6003 www.robbinsllp.com | https://www.facebook.com/RobbinsLLP/ https://www.linkedin.com/company/robbins-llp/ |
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