Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Nextracker Inc. who purchased shares between February 1, 2024 and August 1, 2024.
Nextracker and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 1, 2024, the Company announced its results for the first fiscal quarter ended June 30, 2024, disclosing that revenue had declined sequentially from $737 million in the fourth fiscal quarter of 2024 to $720 million during the first fiscal quarter of 2025, and that GAAP gross profit had declined sequentially from $340 million in the fourth fiscal quarter of 2024 to $237 million during the first fiscal quarter of 2025.
On this news, the price of Nextracker shares fell approximately 15% over two trading days, from $46.83 per share when the market closed on August 1, 2024 to $39.81 per share when the market closed on August 5, 2024, on abnormally high volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 25, 2025 to request that the court appoint them lead plaintiff.