NEW YORK, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Mobileye Global Inc. (NASDAQ: MBLY)?
- Did you purchase your shares between January 26, 2023 and January 3, 2024, inclusive?
- Did you lose money in your investment in Mobileye Global Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Mobileye Global Inc. (“Mobileye” or the “Company”) (NASDAQ: MBLY) between January 26, 2023 and January 3, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Mobileye securities, and/or would like to discuss your legal rights and options please visit Mobileye Global Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than March 18, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
According to the Complaint, Mobileye is a technology company engaged in the development and deployment of advanced driver assistance systems (“ADAS”) and autonomous driving software and hardware products. The Company generates the majority of its revenue from the sale of EyeQ System-on-Chip (“SoCs”). The EyeQ SoCs is a computer chip used for driver-assistance and partial autonomous driving. Mobileye sells EyeQ SoCs to Tier 1 automotive suppliers who in turn sell to Original Equipment Manufacturers (“OEMs”).
Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, the Company’s Tier 1 customers had purchased inventory in excess of demand during fiscal 2023; (2) as a result, the Company’s customers had excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs; and (3) due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting the Company’s fiscal 2024 financial results.
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.” The Company 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 24.5%, to close at $29.97 per share on January 4, 2024.
If you purchased or acquired Mobileye securities, and/or would like to discuss your legal rights and options please visit Mobileye Global Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
