Investors Nextracker Inc. have been notified to turn to the BFA Act before the February 25 Investing.com class action deadline
New York, New York–(Newsfile Corp. – January 4, 2025) – A leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Nextracker Inc. (NASDAQ: NXT) and certain senior executives of the company for possible violations of federal securities laws.
If you have invested in Nextracker, we encourage you to do so you can get additional information by visiting https://www.bfalaw.com/cases-investigations/nextracker-inc.
Investors have until February 25, 2025 to ask the Court to be appointed to manage the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Nextracker stock. The case is pending in the U.S. District Court for the Northern District of California and is titled Weber v. Nextracker Inc., et al.number 24-cv-9467.
Why is Nextracker being sued for securities fraud?
Nextracker offers software that allows solar panels to track the movement of the sun across the sky and related products and services. Nextracker’s customers include developers and owners of solar projects.
During the relevant period, Nextracker minimized the impact of project delays on its business, arguing that delays were isolated to individual projects, that the Company was better at managing project deadlines than its competitors, and that favorable demand trends more than neutralized any negative effects arising from project delays.
In truth, Nextracker’s ability to turn its backlog into revenue has been hampered by allowing delays, as well as panel availability and interconnectivity to a far greater extent than previously reported. In addition, the alleged favorable demand trends and Nextracker’s project timeliness management did not effectively neutralize the negative impact of these project delays.
The stock drops as the truth is revealed
On August 1, 2024, Nextracker released its financial results for the first fiscal quarter of 2025, revealing that revenue fell to $720 million, from $737 million in the previous quarter, and failed to raise guidance for the first time since going public. On the same-day earnings call, Nextracker acknowledged that it “takes more time to deliver projects in real life due to” “building permits or interconnection delays.” The company also said it expects only “80% of that backlog to be realized over the next eight quarters,” which it acknowledged was a “small shift” from its previous comment about the backlog conversion rate.
Following this news, Nextracker’s share price fell 15% over two trading days, from a closing price of $46.83 per share on August 1, 2024 to $39.81 per share on August 5, 2024.
Click here if you have suffered losses: https://www.bfalaw.com/cases-investigations/nextracker-inc.
What can you do?
If you have invested in Nextracker, you may have legal options and we encourage you to submit your information to the company.
All representation is on a contingency fee basis, at no cost to you. Shareholders are not responsible for any court costs or litigation expenses. The Company will seek court approval for all potential fees and costs.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/nextracker-inc
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. ISS SCAS named it one of the Top 5 Law Firms for Plaintiffs in 2023, Thompson Reuters named its attorneys Titans of the Plaintiffs Bar, and Thompson Reuters SuperLawyers. Among its recent notable successes, BFA recovered more than $900 million in value from Tesla (NASDAQ: ), Inc. board of directors (pending court approval), as well as $420 million from Teva Pharmaceutical (NYSE: ) Ind. Ltd.
For more information about BFA and its attorneys, visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/nextracker-inc
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To view the original version of this press release, visit https://www.newsfilecorp.com/release/235858
