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MBLY.US

Mobileye Global (MBLY) Excess Inventory Case

S.D. New York
Court
1:24-cv-00310
Case number
26 Jan 2023
Class period Start
03 Jan 2024
Class period End
  • $MBLY stockholder filed a claim vs. Mobileye for misleading about the risk of lower product purchases.
  • The Mobileye production disclosures caused $MBLY to fall 24%, losing $900M+ shareholder value loss.
On January 4, 2024, Mobileye announced that it had an excess inventory issue.
  • This happened because of problems with getting parts in 2021 and 2022, along with lower production than expected by some manufacturers in 2023.
  • Mobileye said it would have a temporary effect and expects a 50% drop in revenue for Q1 2024 compared to the same period in 2023.
Following this news, $MBLY dropped by 24.5%.

Then, based on these events, $MBLY stockholder filed a claim against Mobileye and its leaders:
  • Mobileye supposedly didn't mention that the company's big customers bought inventory to avoid supply chain problems.
  • This excess inventory posed a significant risk, impacting the company's fiscal 2024 financial results.
Considering all the representations, investors have reasons to suspect that Mobileye failed to disclose the risk of lower product purchases, impacting the company's financial results.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
04 January 2024
Filing date
16 January 2024
Lead Plaintiff Deadline
18 March 2024
Collecting participants…
Created by Polina Foster, Scout

Mobileye Global Inc. Class A Common Stock

Mobileye Global Inc. engages in the development and deployment of advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions worldwide. The company offers Driver As...

    Ticker
    MBLY.US
    CIK
    1910139
    Sector
    Consumer Cyclical
    Industry
    Auto Parts
    Country
    USA
    Address
    Har Hotzvim, Jerusalem, Israel, 9777513