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id: 865, Created by Polina Foster, Scout
SolarEdge (SEDG) Europe Inventory Case
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S.D. New YorkCourt
- SolarEdge faces a lawsuit that alleges its leaders didn't disclose an inventory problem in Europe, which led to order cancellation and a false picture of the company's performance.
- On October 19, 2023, the truth came out, leading to a 27% $SEDG fall the next day.
This lawsuit claimed that the SolarEdge's leaders didn't reveal that there was too much inventory in their European distribution, causing lots of orders to be canceled or delayed.
The truth started to come out on August 1, 2023, when the CEO revealed the inventory issues.
Then, on October 19, 2023, SolarEdge admitted problems with orders, causing $SEDG fall by 27% and $1.77B loss of market cap the next day.
Given all the information, investors have reasons to suspect that SolarEdge didn't properly disclose its European inventory state and misled about the company's perfomance.
Shock Event Date
20 October 2023
03 November 2023
Lead Plaintiff Deadline
02 January 2024
Gregory H Woods