Faruqi & Faruqi, LLP is investigating the claims on behalf of Nextracker investors By Investing.com
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses greater than $75,000 in Nextracker to contact him directly to discuss their options
If you have suffered losses greater than $75,000 Nexttracker between February 1, 2024 and August 1, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (ext. 1310).
[You may also click here for additional information]
New York, New York–(Newsfile Corp. – January 1, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Nextracker Inc . (“Nextracker” or the “Company”) ( NASDAQ: NXT ) and reminds investors of The deadline is February 25, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its inception in 1995. See www.faruqilaw.com.
As set forth below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose the following: (1) the impact of project delays on the Company’s business, financial results and prospects; Nextracker was far stricter than presented to investors; (2) delays in licensing and interconnection have significantly impaired Nexttracker’s ability to convert backlog into revenue at historical conversion rates; (3) Nextracker was unable to neutralize the adverse effect of project delays through increased client demand and an alleged ability to withdraw its other projects in the manner represented by Defendants; (4) Nextracker did not possess the competitive advantages that allegedly protected it from industry-wide headwinds or the ability to effectively neutralize the negative effects of project delays as Defendants alleged; and (5) consequently, Defendants lacked a reasonable basis for their positive statements about Nextracker’s business, financial results and prospects.
Nextracker’s class-action lawsuit further states that on August 1, 2024, Nextracker disclosed that its revenues had declined sequentially, from $737 million in the fourth fiscal quarter of 2024 to $720 million during the first fiscal quarter of 2025. Similarly, Nextracker’s gross profit according to GAAP fell sequentially from $340 million in the fourth fiscal quarter of 2024 to $237 million during the first fiscal quarter of 2025. Notably, Nextracker did not raise guidance for the first time since going public, implying a slowdown in growth through the end of the year.
Following this news, Nextracker’s share price fell approximately 15% over two trading days.
A court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, who is adequate and typical of the class members and who directs and oversees the litigation on behalf of the putative class. Any putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision whether or not you will be the lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Nextracker’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
Follow us for updates on LinkedIn, on X or on Facebook (NASDAQ:).
Advertising of lawyers. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the original version of this press release, visit https://www.newsfilecorp.com/release/235686
