San Diego, CA -- (SBWire) -- 11/14/2023 --An investor, who purchased shares of SolarEdge Technologies, Inc. (NASDAQ: SEDG), filed a lawsuit over alleged violations of Federal Securities Laws by SolarEdge Technologies, Inc.
Investors who purchased shares of SolarEdge Technologies, Inc. (NASDAQ: SEDG) have certain options and for certain investors are short and strict deadlines running. Deadline: January 01, 2024. NASDAQ: SEDG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On August 1, 2023, SolarEdge Technologies, Inc held a conference call with investors and analysts regarding its second quarter 2023 results. During the call, Defendant Zvi Lando ("Lando") stated that "distribution channels in Europe are experiencing higher than optimal inventory levels, especially as it relates to solar modules."
Then, on October 19, 2023, SolarEdge Technologies, Inc announced its preliminary financial results for the third quarter of 2023. In the press release, the Company disclosed 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."
Shares of SolarEdge Technologies, Inc. (NASDAQ: SEDG) declined from $345.80 per share on February 15, 2023, to as low as $63.25 per share on November 02, 2023.
The plaintiff claims that between May 3, 2023 and October 19, 2023, the Defendants failed to disclose to investors that the Company's distribution channels in Europe had higher than optimal inventory levels, that, as a result, the Company was experiencing substantial cancellations and pushouts of existing backlog from its European distributors, that, as a result, the Company's backlog and guidance was overstated, and that, as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times
Those who purchased shares of SolarEdge Technologies, Inc. (NASDAQ: SEDG) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:SEDG Investor Notice: Lawsuit Alleges Securities Laws Violations by SolarEdge Technologies, Inc.
A lawsuit was filed on behalf of investors in SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares over alleged securities laws violations.