SAN FRANCISCO, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Mobileye Global Inc. (NASDAQ: MBLY) investors who suffered substantial losses to submit your losses now.
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Mobileye Global Inc. (MBLY) Investigation:
"We are investigating whether Mobileye may have misled investors about its sales and accounting practices,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
On Oct. 26, 2023, Mobileye tantalized investors by hyping its expected sales growth, telling analysts that the “starting point” for 2024 volume should be to take 2023 volume and apply a growth rate to that. Mobileye also advised that “higher pressure among all OEMs to develop competitive hands-free systems [….] creates higher demand among the OEMs for Mobileye products[.]”
But just months later, on Jan. 4, 2024, Mobileye revealed that its OEM customers have excess inventories totaling 6-7 million units of EyeQ System-on-Chips systems. The company also slashed 2024 expected EyeQ shipments to 31-33 million units compared to 37 million units shipped in 2023 (representing 10%-16% year-over-year reduction in units shipped) and expects Q1 2024 revenue to be down 50% compared to the prior year quarter.
This news sent the price of Mobileye shares crashing $9.75 (or nearly 25%) lower on Jan. 4, 2024.
If you invested in Mobileye and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman »
If you’d like more information and answers to frequently asked questions about the Mobileye investigation, read more »
Whistleblowers: Persons with non-public information regarding Mobileye 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 MBLY@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895
