NEW YORK, Feb. 11, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Mobileye Global Inc. (“Mobileye” or the “Company”) (NASDAQ: MBLY). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Mobileye Solutions and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until March 16, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Mobileye securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On January 4, 2024, before the market opened, Mobileye issued a press release disclosing that it had “become aware” of a build-up of excess inventory including an estimated 6- 7 million units of EyeQ SoCs held by customers. The Company stated this was a result of “supply chain constraints in 2021 and 2022 and a desire to avoid part shortages” and “lower than-expected production at certain OEM’s during 2023.” Mobileye then disclosed “the lower-than-expected volumes in the EyeQ® SoC business will have a temporary impact on our profitability[.]” The Company also provided a preliminary financial outlook for 2024, in which it stated it “expect[s] Q1 revenue to be down approximately 50%, as compared to the $458 million revenue generated in the first quarter of 2023.”
On this news, Mobileye’s stock price fell $9.75 per share, or 24%, to close at $29.97 per share on January 4, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
646-581-9980 ext. 7980
