NEW ORLEANS, Jan. 22, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 25, 2025 to file lead plaintiff applications in a securities class action lawsuit against Nextracker Inc. (the “Company”) (NasdaqGS: NXT), if they purchased the Company’s shares between February 1, 2024 and August 1, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
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Nextracker investors should visit us at https://claimsfiler.com/cases/nasdaq-nxt/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Nextracker and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 1, 2024, the Company announced its results for the first fiscal quarter ended June 30, 2024, disclosing that revenue had declined sequentially from $737 million in the fourth fiscal quarter of 2024 to $720 million during the first fiscal quarter of 2025, and that GAAP gross profit had declined sequentially from $340 million in the fourth fiscal quarter of 2024 to $237 million during the first fiscal quarter of 2025.
On this news, the price of Nextracker shares fell approximately 15% over two trading days, from $46.83 per share when the market closed on August 1, 2024 to $39.81 per share when the market closed on August 5, 2024, on abnormally high volume.
The case is Weber v. Nextracker Inc., No. 24-cv-09467.
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