The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of STMicroelectronics N.V. (STM) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired STMicroelectronics N.V. (“STM” or the “Company”) (NYSE: STM) securities between January 25, 2024 to July 24, 2024, inclusive (the “Class Period”). STM investors have until October 22, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On July 25, 2024, STM released its second quarter 2024 financial results and reduced its revenue guidance for the full fiscal year 2024, stating that “customer orders for Industrial did not improve and Automotive demand declined.”

On this news, STM’s stock price fell $6.07, or 15.3%, to close at $33.47 per share on July 25, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company did not truly have appropriate visibility to generate the guidance it put forth; (2) the Company failed to appropriately analyze the visibility it did have, or otherwise the Company was simply not truly equipped to handle the ongoing challenges in its end-market industries as they had projected; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased STM securities during the Class Period, you may move the Court no later than October 22, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased STM securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of STMicroelectronics N.V. (STM) Investors