Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Nextracker Inc. (“Nextracker” or the “Company”) (NASDAQ: NXT) common stock between February 1, 2024 and August 1, 2024, inclusive (the “Class Period”). Nextracker investors have until February 25, 2025 to file a lead plaintiff motion.
IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN NEXTRACKER INC. (NXT), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.
Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@howardsmithlaw.com, by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.
What Happened?
On August 1, 2024, Nextracker released its first quarter fiscal 2025 financial results, revealing a significant decline in revenue and GAAP gross profit, stating that it was “taking longer for projects to be fulfilled [due to] construction permits or interconnection delays.”
On this news, Nextracker’s stock price fell $7.02, or 15%, over two consecutive trading days to close at $39.81 per share on August 5, 2024, thereby injuring investors.
Then, on October 30, 2024, Nextracker released its second quarter fiscal 2025 financial results, disclosing further decline of revenue and profit, thereby injuring investors further.
What Is The Lawsuit About?
The complaint filed in this class action alleges that 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: (1) that the impact of project delays on Nextracker’s business, financial results, and prospects was far more severe than represented to investors; (2) that permitting and interconnection delays had materially impaired Nextracker’s ability to convert backlog into revenue at historical conversion rates; (3) that 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; (4) that 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; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Contact Us To Participate or Learn More:
If you purchased Nextracker common stock, 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 us:
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Telephone: (215) 638-4847
Email: howardsmith@howardsmithlaw.com,
Visit our website at: www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250107215656/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
