NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of SolarEdge Technologies, Inc. (NASDAQ: SEDG)?
- Did you purchase your shares between May 3, 2023 and October 19, 2023, inclusive?
- Did you lose money in your investment in SolarEdge Technologies, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of SolarEdge Technologies, Inc. (“SolarEdge” or the “Company”) (NASDAQ: SEDG) between May 3, 2023 and October 19, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired SolarEdge securities, and/or would like to discuss your legal rights and options please visit SolarEdge Technologies, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, SolarEdge provides inverter solutions for a solar photovoltaic (PV) system. The Company’s offerings include power optimizers, inverters, monitoring services, energy storage and smart energy management via a cloud-based monitoring platform. The Company sells its products worldwide through large distributors, electrical equipment wholesalers, as well as directly to large solar installers and engineering, procurement, and construction firms.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Among other things, Defendants failed to disclose to investors that: (1) the Company’s distribution channels in Europe had higher than optimal inventory levels; (2) the Company was experiencing substantial cancellations and pushouts of existing backlog from its European distributors; and (3) the Company’s backlog and guidance was overstated.
On October 19, 2023, after the market closed, SolarEdge issued a press release announcing 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.” The Company also disclosed that it “anticipate[d] significantly lower revenues in the fourth quarter of 2023 as the inventory destocking process continues.”
On this news SolarEdge’s share price fell $31.08, or 27.2%, to close at $82.90 per share on October 20, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than January 2, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired SolarEdge securities, and/or would like to discuss your legal rights and options please visit SolarEdge Technologies, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
