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NXT.US
id: 1455

Nextracker (NXT) Project Delays and Misrepresentation Case

N.D. California
Court
3:24-CV-09467
Case number
02/01/2024
Class period Start
08/01/2024
Class period End
02/25/2025
Lead Plaintiff motion deadline
  • $NXT investors filed a lawsuit against Nextracker, alleging it misled shareholders about the company’s ability to manage project delays and maintain revenue growth.
  • On August 1, 2024, Nextracker disclosed that project delays had significantly impacted its ability to convert its backlog into revenue, causing $NXT to drop by 15%.
  • $NXT investors can join this case to be notified about potential recovery.
Case Details:

Between February 1, 2024, and August 1, 2024, Nextracker reassured investors that project delays were minor and manageable due to strong demand and operational advantages. The company reported record revenue and backlog growth, crediting its ability to prioritize projects effectively.

However, on August 1, 2024, Nextracker revealed that permitting and interconnection delays were significantly impacting its ability to convert backlog into revenue at the expected rates. The company admitted that only 80% of its backlog would likely be realized over the next eight quarters, contradicting its earlier optimistic statements.

Following this, $NXT to drop by 15%.

Based on these events, $NXT investors filed a lawsuit against Nextracker, accusing the company of the following:
  • It misled investors about the severity of project delays and their impact on revenue.
  • It overstated its ability to mitigate industry challenges through operational advantages.
Investors believe Nextracker misrepresented its backlog conversion rates and resilience to project delays.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement, 
Misleading Statements, 
Financial Misrepresentation
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/05/2024
Filing date
12/27/2024
Lead Plaintiff Deadline
02/25/2025
Collecting participants…

Nextracker Inc. Class A Common Stock

Nextracker Inc., an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The...

    Ticker
    NXT.US
    CIK
    1852131
    Sector
    Technology
    Industry
    Solar
    Country
    USA
    Address
    6200 Paseo Padre Parkway, Fremont, CA, United States, 94555