SAN FRANCISCO, Dec. 30, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges SolarEdge Technologies, Inc. (NASDAQ: SEDG) investors who suffered substantial losses to submit your losses now.
Extended Class Period: Feb. 22, 2022 – Oct. 19, 2023
Lead Plaintiff Deadline: Jan. 2, 2024
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844-916-0895
SolarEdge Technologies, Inc. (NASDAQ: SEDG) Securities Fraud Class Action:
A newly filed securities class action complaint alleges that SolarEdge and its senior executives began defrauding investors as early as February 22, 2022, when SolarEdge filed its annual report and made allegedly false and misleading statements and omissions concerning its inventory and global channels.
As a result, the alleged fraudulent period has been extended by more than a year and the securities litigation now covers investors who purchased SolarEdge securities between February 22, 2022 and October 19, 2023, inclusive.
Nevertheless, the deadline for filing lead plaintiff motions remains January 2, 2024.
The case against SolarEdge arises from its misrepresentations and omissions concerning its inventory and global channels. The complaint alleges that Defendants misrepresented and concealed that:
(1) SolarEdge’s distribution channels in Europe had higher than optimal inventory levels;
(2) that, as a result, the Company was experiencing substantial cancellations and pushouts of existing backlog from its European distributors; and
(3) that, as a result, the Company’s backlog and guidance was overstated.
The truth began to emerge on Aug. 1, 2023, when in discussing the Company’s 2Q 2023 results, CEO Zvi Lando disclosed SolarEdge’s “distribution channels in Europe are experiencing higher than optimal inventory levels, especially as it relates to solar modules.”
Then, on Oct. 19, 2023, SolarEdge announced its preliminary financial results for the third quarter of 2023, revealing 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.”
These disclosures caused SEDG shares to decline sharply.
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 case and our 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.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
