The Law Offices of Howard G. Smith announced a class action lawsuit has been filed against Nextracker Inc. on behalf of investors who purchased common stock between February 1, 2024, and August 1, 2024. The lawsuit alleges that Nextracker made materially false and misleading statements and failed to disclose adverse facts about its business and prospects.
Specifically, the complaint claims that Nextracker downplayed the severity of project delays, which materially impaired its ability to convert backlog into revenue at historical rates. It also alleges that the company was unable to offset the negative impact of these delays through increased client demand or by pulling forward other projects, contrary to its representations.
The lawsuit cites Nextracker's August 1, 2024, announcement of its first quarter fiscal 2025 financial results, which revealed a significant decline in revenue and GAAP gross profit. This news reportedly caused Nextracker's stock price to fall by $7.02, or 15%, over two consecutive trading days, injuring investors.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.