NEW YORK, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors that purchased or otherwise acquired ChargePoint Holdings, Inc. (“ChargePoint” or the “Company”) (NYSE: CHPT) securities between June 1, 2023 and November 16, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired ChargePoint securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than January 29, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On September 6, 2023, after the market closed, ChargePoint reported its second quarter fiscal year 2024 financial results, including a "$28.0 million, or 19 percentage point, inventory impairment charge." The Company stated the "inventory impairment charge was taken to address legacy supply chain-related costs and supply overruns on a particular DC product." As alleged in the complaint, the Company reported a second quarter GAAP gross margin of 1%, down from 17% in the prior year's same quarter.
Following this news, the Company's share price fell $0.77, or 11%, to close at $6.29 per share on September 7, 2023, on heavy trading volume.
Then, on November 16, 2023, after the market closed, the Company disclosed that ChargePoint's Chief Executive Officer and Chief Financial Officer were both replaced, effective immediately. ChargePoint also released preliminary financial results for the third quarter of fiscal year 2024, including an "additional non-cash inventory impairment charge" in the amount of $42 million "related to product transitions and to better align inventory with current demand resulting in GAAP gross margin of negative 23% to negative 21%." The Company also reported revenue had fallen to "$108 million to $113 million, as compared to $150 to $165 million as previously expected.”
Following this news, the Company's share price fell $1.11, or more than 35%, to close at $2.02
per share on November 17, 2023, on heavy trading volume.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
