NEW YORK - February 17, 2025 (NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Nextracker Inc. (“Nextracker” or the “Company”) (NASDAQ: NXT) on behalf of investors that purchased or otherwise acquired Nextracker securities between February 1, 2024 and August 1, 2024 (the “Class Period”).
If you are an investor in Nextracker and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than February 25, 2025 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.
Nextracker provides products and services that purportedly enable solar panels to follow the sun’s movement to optimize utility power plant performance.
According to the complaint, during the Class Period, despite the possibility of project delays and the materially adverse nature of such occurrences to the Company’s business and prospects, defendants repeatedly downplayed the impact that project delays were having on the Company’s business. Specifically, the complaint alleges that defendants represented that any delays were limited to isolated projects and more than offset by expanding business opportunities and client demand.
However, on August 1, 2024, after market, Nextracker issued a press release reporting a decline in revenue for the fiscal first quarter of 2025 (the quarter ended June 30, 2024) compared to the fourth fiscal quarter of 2024. During the related earnings call held the same day, when asked by an analyst if this was a shift from the Company’s prior commentary, Nextracker’s President stated “[i]t is a bit of a shift, honestly.”
Following this news, the price of Nextracker common stock fell $4.85 per share, about 10.4%, on August 2, 2024 to close at $41.98 per share and continued to decline the next trading day by about 5% to close at $39.81 per share on August 5, 2024.
The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) the impact of project delays on Nextracker’s business, financial results, and prospects was far more severe than represented to investors; (ii) permitting and interconnection delays had materially impaired Nextracker’s ability to convert backlog into revenue at historical conversion rates; (iii) Nextracker had been unable to offset the negative impact from project delays through increased client demand and the purported ability to pull forward its other projects in the manner represented by defendants; and (iv) Nextracker did not possess the competitive advantages which purportedly shielded it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as claimed by defendants.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
View the original release on www.newmediawire.com
