New York, New York–(Newsfile Corp. – January 4, 2025) – A Leading Securities Law Firm Blishmar Fonte & Old LLP Announces filing of lawsuit against Nextracker Inc. (NASDAQ: NXT) and certain of the company's senior executives for possible violations of the federal securities laws.
If you invest in Nextracker, we encourage you to do so Get additional information by visiting https://www.bfalaw.com/cases-investigations/nextracker-inc.
Investors have until February 25, 2025 to ask the court to appoint them to lead the case. The Complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Nextracker shares. The case is pending in the U.S. District Court for the Northern District of California and is pending Weber v. Nextracker, Inc., et al.No. 24-CF-9467.
Why was Nextracker sued for securities fraud?
Nextracker provides software that enables solar panels to track the sun's movement across the sky and related products and services. Nextracker's clients include solar project developers and owners.
During the relevant period, Nextracker downplayed the impact of project delays on its business, claiming that delays were isolated to individual projects, that the company was better at managing project timelines than its competitors, and that favorable demand trends more than offset any negative impacts due to project delays.
In fact, Nextracker's ability to convert its backlog into revenue has been hampered by allowing delays as well as board and interconnect availability to a much greater extent than previously disclosed. In addition, the alleged favorable demand trends and Nextracker's management of project timing did not effectively offset the negative impact of project delays.
Stocks decline as truth is revealed
On August 1, 2024, Nextracker announced its financial results for the first quarter of 2025, revealing that revenue fell to US$720 million, from US$737 million in the previous quarter, and failed to raise guidance for the first time since becoming a public company. On an earnings call the same day, Nextracker admitted that “real-life projects are taking longer to complete due to” “building permits or interconnection delays.” The company also stated that “only 80% of this backlog is expected to be achieved over the next eight quarters,” which it admitted was “a bit of a shift” from its previous comment on the backlog conversion rate.
On this news, Nextracker's stock price fell 15% over the course of two trading days, from a closing price of $46.83 per share on August 1, 2024 to $39.81 per share on August 5, 2024.
Click here if you suffer losses: https://www.bfalaw.com/cases-investigations/nextracker-inc.
What can you do?
If you invest in Nextracker, you may have legal options and we advise you to provide your information to the company.
All representation is done on a contingency fee basis, at no cost to you. Shareholders bear no responsibility for any court costs or litigation expenses. The Company will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/nextracker-inc
Why Blichmar Fonti & Old Co., Ltd.?
Bleichmar Fonti & Auld LLP is a leading international law firm that represents plaintiffs in securities class actions and shareholder lawsuits. It is ranked a Top 5 Law Firm for Plaintiffs by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA has recovered over $900 million in value from Tesla's (NASDAQ:) board (pending court approval), as well as $420 million from Teva Pharmaceuticals (NYSE:) Ind. . Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/nextracker-inc
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