SAN DIEGO, Aug. 31, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of STMicroelectronics N.V. (NYSE: STM) securities between January 25, 2024 and July 24, 2024, both dates inclusive (the “Class Period”), have until October 22, 2024 to seek appointment as lead plaintiff of the STMicroelectronics class action lawsuit. Captioned Wang v. STMicroelectronics N.V., No. 24-cv-06370 (S.D.N.Y.), the STMicroelectronics class action lawsuit charges STMicroelectronics and certain of STMicroelectronics’ top executives with violations of the Securities Exchange Act of 1934. A subsequently filed case is captioned Malm v. STMicroelectronics N.V., No. 24-cv-06384 (S.D.N.Y.).
If you suffered substantial losses and wish to serve as lead plaintiff of the STMicroelectronics class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-stmicroelectronics-n-v-class-action-lawsuit.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: STMicroelectronics, together with its subsidiaries, designs, develops, manufactures, and sells semiconductor products.
The STMicroelectronics class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose material adverse facts concerning the true state of STMicroelectronics’ forecasting ability; notably, that STMicroelectronics did not truly have appropriate visibility to generate guidance it put forth, failed to appropriately analyze the visibility it did have, or otherwise STMicroelectronics was simply not equipped to handle the ongoing challenges in its end-market industries as they had projected.
The STMicroelectronics class action lawsuit further alleges that on April 25, 2024, STMicroelectronics announced its first quarter of fiscal year 2024 financial results, disclosing negatively revised full year 2024 revenue and margin projections “‘driven by lower revenues in Automotive and Industrial’” and stating that “‘[d]uring the quarter, Automotive semiconductor demand slowed down compared to our expectations, entering a deceleration phase, while the ongoing Industrial correction accelerated.’” The STMicroelectronics class action lawsuit further alleges that STMicroelectronics also disclosed an 18.4% decline in first quarter revenue year-over-year, amounting to $3.47 billion, and that net sales to original equipment manufacturers and through distribution channels decreased by 11.5% and 30.8%, respectively, on a year-over-year basis. On this news, the price of STMicroelectronics stock fell, the STMicroelectronics class action lawsuit alleges.
The STMicroelectronics class action lawsuit further alleges that on July 25, 2024, STMicroelectronics released its second quarter of fiscal year 2024 financial results, revealing reduced revenue guidance and noting that “‘[d]uring the quarter, contrary to our prior expectations, customer orders for Industrial did not improve and Automotive demand declined. . . . We will now drive the Company based on a plan for FY24 revenues in the range of $13.2 billion to $13.7 billion. Within this plan, we expect a gross margin of about 40%.’” On this news, the price of STMicroelectronics stock fell more than 15%, according to the STMicroelectronics class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired STMicroelectronics securities during the Class Period to seek appointment as lead plaintiff in the STMicroelectronics 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 STMicroelectronics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the STMicroelectronics class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the STMicroelectronics class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. 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:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
