SAN FRANCISCO, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges SolarEdge Technologies, Inc. (NASDAQ: SEDG) investors who suffered substantial losses to submit your losses now.
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SolarEdge Technologies, Inc. (NASDAQ: SEDG) Investigation:
In past quarters, SolarEdge touted “record revenue from the solar segment” and shipment of a “record” number of inverters, attributing the positive results to the “strong demand and market position” of SolarEdge’s offerings, including in European markets.
But on Oct. 19, 2023, the true drivers of SolarEdge’s positive results came into question when the company announced preliminary financial results for the third quarter, and dramatically cut its guidance for nearly all of its key metrics for the third quarter.
The company said it now expects sales of $720-$730 million for the period, down 20% from previous projections. SolarEdge also revealed that adjusted operating income will be just $12-$31 million, far below the $115 million to $135 million that it had previously expected.
CEO Zvi Lando cited “substantial unexpected cancellations and pushouts” of existing backlogs from the company’s European distributors due to high inventories and slow installation rates.
Perhaps even more troubling, SolarEdge revealed the sluggishness will continue for the remainder of the year, as the company said fourth-quarter results would be significantly lower than expected as well, suggesting that decline demand is a long-term challenge.
This news has caused SEDG shares to decline sharply.
“We’re investigating whether SolarEdge accurately disclosed the sustainability of its sales practices and true drivers of its past positive results,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in SEDG and have significant losses, or have knowledge that may assist the firm’s investigation, submit your losses now.
If you’d like more information and answers to frequently asked questions about the SolarEdge investigation, read more.
Whistleblowers: Persons with non-public information regarding SEDG should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SEDG@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895
