(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, July 12, 2023 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors that it has commenced an investigation of Xometry, Inc. ("Xometry") (NASDAQ: XMTR) concerning possible violations of federal securities laws.
Before the market opened on March 1, 2023, Xometry issued a press release and held an earnings call reporting on financial and operating results for the fourth quarter and full year ended December 31, 2022. The Company disclosed that Xometry suffered an adjusted EBITDA loss of $14.2 million in the fourth quarter of 2022 reflecting a“revenue shortfall” and“lower gross margins quarter-over-quarter.” The Company blamed“macroeconomic factors” such as inflation that“changed” supplier behavior, that some of Xometry's“largest customers grew less than expected”, and“an environment of falling cost and slowing demand.” Further the Company announced that, despite becoming a publicly traded company less than two years prior, Xometry would be implementing a“5-point strategic plan” that included renewed focus on top 200 accounts who admittedly“represent significant opportunities and who depend on Xometry to strengthen their crucial supply chains” as well as“aggressively” reducing operating expenses, among other items. The March 1, 2023 press release also released the Company's full year financial guidance and outlook for fiscal year 2023 that fell far below Street consensus, including projected revenue between $470 million and $480 million, and projected adjusted EBITDA between ($22) million and ($20) million.
Following this news, Xometry's stock price fell approximately 40% to close at $18.40 per share on March 1, 2023. To obtain additional information, go to:
or contact Joseph E. Levi, Esq. either via email at or by telephone at (212) 363-7500.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, Suite #427
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171
Tags class action
MENAFN12072023004107003653ID1106594142
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.