NEW YORK, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of STMicroelectronics N.V. (NYSE: STM).
Shareholders who purchased shares of STM during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/stmicroelectronics-loss-submission-form/?id=106364&from=3
CLASS PERIOD: January 25, 2024 to July 24, 2024
ALLEGATIONS: According to the complaint, STMicroelectronics disclosed on July 25, 2024, its U.S. GAAP financial results for the second quarter ending June 29, 2024, and subsequently revised its full-year revenue and margin projections downward for the second time within the current fiscal year. The company now anticipates total revenue for 2024 to fall within the range of $13.2 billion to $13.7 billion, a reduction from the prior forecast of $14 billion to $15 billion. Notably, during the fourth-quarter 2023 earnings call held in January, the company had projected 2024 revenues to range between $15.9 billion and $16.9 billion. For the second quarter, revenue experienced a 25.3% decline year-over-year, amounting to $3.23 billion. Additionally, net sales to Original Equipment Manufacturers (OEMs) and through Distribution channels decreased by 14.9% and 43.7%, respectively, on a year-over-year basis. On this news, the stock dropped over 13% during pre-market trading on July 25, 2024.
DEADLINE: October 22, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/stmicroelectronics-loss-submission-form/?id=106364&from=3
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of STM during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is October 22, 2024. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
