The Law Offices of Frank R. Cruz announces an investigation of Mobileye Global Inc. (“Mobileye” or the “Company”) (NASDAQ: MBLY) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On January 4, 2023, before the market opened, Mobileye released preliminary financial results for its full year 2023, reporting a build-up of excess inventory “due to supply chain constraints in 2021 and 2022 and a desire to avoid part shortages” and “lower than-expected production” at certain manufacturers. Additionally, the Company provided a preliminary financial outlook for 2024, disclosing that revenue for the first quarter of 2024 is expected to be down about 50% from $458 million generated a year earlier.
On this news, Mobileye’s stock price fell as much as 29% during intraday trading on January 4, 2024, thereby injuring investors.
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If you purchased Mobileye securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240104723067/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
