(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, Jan. 03, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Nextracker Inc. (NASDAQ: NXT) and certain of the Company's senior executives for potential violations of the federal securities laws.
If you invested in Nextracker, you are encouraged to obtain additional information by visiting .
Investors have until February 25, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Nextracker stock. The case is pending in the U.S. District Court for the Northern District of California and is captioned Weber v. Nextracker Inc., et al., No. 24-cv-9467.
Why was Nextracker Sued for Securities Fraud?
Nextracker provides software that enables solar panels to follow the sun's movement across the sky and related products and services. Nextracker's customers include solar project developers and owners.
During the relevant period, Nextracker minimized the impact of project delays on its business, claiming that the delays were isolated to individual projects, that the Company was better at managing project timelines than its competitors, and that favorable demand trends more than offset any adverse effects stemming from project delays.
In truth, Nextracker's ability to convert its backlog to revenue was hampered by permitting delays as well as panel availability and interconnection to a far greater extent than previously disclosed. In addition, the purported favorable demand trends and Nextracker's management of project timeliness had not effectively offset the negative impact of these project delays.
The Stock Declines as the Truth is Revealed
On August 1, 2024, Nextracker announced its financial results for its fiscal Q1 2025, revealing that revenue declined to $720 million, from $737 million in the prior quarter, and failed to raise guidance for the first time since it became a public company. On the same-day earnings call, Nextracker admitted that“it is taking longer for projects to be fulfilled in real life due to”“construction permits or interconnection delays.” The Company also stated that only“80% of that backlog is expected to be realized over the next eight quarters,” which it acknowledged was“a bit of a shift” from its prior commentary on its backlog conversion rate.
On this news, the price of Nextracker stock fell 15% over the course of two trading days, from a closing price of $46.83 per share on August 1, 2024 to $39.81 per share on August 5, 2024.
Click here if you suffered losses: .
What Can You Do?
If you invested in Nextracker you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
Or contact:
Ross Shikowitz
...
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit .
Attorney advertising. Past results do not guarantee future outcomes.
MENAFN03012025004107003653ID1109052409
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.