Faruqi & Faruqi Securities LLP partner James (Josh) Wilson encourages investors who have suffered losses exceeding $75,000 at Nextracker to contact him directly to discuss their options.
If you suffer losses exceeding $75,000 Next tracker Between February 1, 2024 and August 1, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 1, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Nextracker Inc. (“Nextracker” or the “Company”) ( NASDAQ:NXT ) and reminds investors of February 25, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) the impact of the project delay on Nextracker's business, financial results, and future prospects; It was much more dangerous than it represented to investors; (2) permitting and interconnection delays significantly impaired Nextracker's ability to convert backlog into revenue at historical conversion rates; (3) Nextracker was unable to offset the negative impact caused by the project delays through increased customer demand and the purported ability to proceed with its other projects in the manner represented by Defendants; (4) Nextracker did not have the competitive advantages that allegedly protected it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as defendants claimed; and (5) therefore, Defendants lacked a reasonable basis for their positive statements about Nextracker's business, financial results, and prospects.
The Nextracker class action lawsuit also alleges that on August 1, 2024, Nextracker disclosed that its revenues declined sequentially, from $737 million in the fiscal fourth quarter of 2024 to $720 million during the fiscal first quarter of 2025. Likewise, Nextracker's gross profits declined GAAP decreased sequentially from $340 million in fiscal fourth quarter 2024 to $237 million. Dollars during the first fiscal quarter of 2025. It is worth noting that Nextracker did not raise its guidance for the first time since it became a public company, which implies a slowdown in growth during the remainder of the year.
On this news, Nextracker's stock price fell approximately 15% over the two trading days.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Nextracker's conduct to contact the company, including whistleblowers, former employees, shareholders, and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235686
