Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses in excess of $75,000 from Nextracker to contact him directly to discuss their options.
If you have a loss of more than $75,000 Nextracker between February 1, 2024 and August 1, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live at the 877-247-4292 or 212-983-9330 (Ext. 1310).
(You can click here for more information)
New York, New York–(Newsfile Corp. – January 1, 2025) – Faruqi & Faruqi, LLP, a leading national defense law firm, is investigating potential claims against Nextracker Inc. (“Nextracker” or the “Company”) (NASDAQ: NXT) and reminds investors February 25, 2025 deadline seeking the role of lead plaintiff in a securities class action filed against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The company has received hundreds of millions of dollars from investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or by failing to disclose: (1) the impact of project delays on Nextracker's business, financial results, and prospects. was more difficult than represented to investors; (2) consent and communication delays have significantly impeded Nextracker's ability to convert backlogs into revenue at historical conversion rates; (3) Nextracker was unable to offset the negative impact of the project's delays through increased client demand and the proposed ability to advance other projects in the manner represented by defendants; (4) Nextracker did not have competitive advantages that would insulate it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as defendants claim; and (5) as a result, defendants lacked a substantial basis for their positive statements about Nextracker's business, financial results, and prospects.
Nextracker's class action lawsuit further alleges that on August 1, 2024 Nextracker disclosed that its revenue had declined sequentially, from $737 million in the fourth quarter of fiscal 2024 to $720 million in the first quarter of fiscal 2024. 2025. Similarly, Nextracker's GAAP total revenue decreased sequentially from $340 million in the fourth quarter of fiscal 2024 to $237 million during the first quarter of fiscal 2025. Obviously, Nextracker did not raise guidance for the first time since becoming a public company, which means a decrease in growth for the rest of the year.
On this news, Nextracker stock price fell about 15% in two trading days.
A court-appointed lead plaintiff is an investor with a substantial financial interest in the relief sought by a sufficient and common class of class members who administers and oversees the lawsuit on behalf of the putative class. Any privileged class member may move the Court to act as lead plaintiff through a group of counsel of their own choosing, or may choose to remain passive and remain a non-class member. Your ability to share in any recovery is not affected by the decision to act as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with knowledge of Nextracker's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Follow us for updates on LinkedIn, X, or Facebook (NASDAQ:).
Marketing Lawyer. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict the same result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source of this document, please visit https://www.newsfilecorp.com/release/235686