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MBLY.US
id: 1037
Mobileye Global (MBLY) Excess Inventory Case
S.D. New York
Court1:24-cv-00310
Case number01/26/2023
Class period Start01/03/2024
Class period End03/18/2024
Lead Plaintiff motion deadline- $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.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01/04/2024
Filing date
01/16/2024
Lead Plaintiff Deadline
03/18/2024