Kaplan Fox & Kilsheimer LLP Alerts Investors to Securities Class Action Lawsuit Against Nextracker Inc. (NXT)
NEW YORK – January 8, 2025 (NEWMEDIAWIRE) – Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Nextracker Inc . (Nextracker or the Company) (NASDAQ: NXT ) on behalf of investors who purchased or otherwise acquired Nextracker securities between February 1, 2024 and August 1, 2024 (the Class Period).
CLICK HERE TO JOIN THE CASE
If you are an investor in Nextracker and have suffered losses, you can CLICK HERE to contact us. You can also contact Kaplan Fox by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed class, you may move the court no later than February 25, 2025 to be the lead plaintiff for the proposed class. If you have losses, we encourage you to contact us to learn more about the Attorney General process.
Nextracker offers products and services that purportedly enable solar panels to track the movement of the sun to optimize the performance of utility power plants.
According to the lawsuit, during the Lecture Period, despite the possibility of project delays and the materially unfavorable nature of such occurrences for the Company’s operations and prospects, the defendants repeatedly minimized the impact that project delays had on the Company’s operations. Specifically, the complaint states that the defendants argued that any delays were limited to isolated projects and were more than offset by expanding business opportunities and client demand.
However, on August 1, 2024, after the market, Nextracker issued a press release reporting a decline in revenue for the first fiscal quarter of 2025 (the quarter ended June 30, 2024) compared to the fourth fiscal quarter of 2024. During the related earnings call held on the same day, when asked by analysts if it was a shift in relation to the company’s previous comment, the president of Nextrackers stated [i]there is little progress, honestly.
Following this news, the price of Nextracker common stock fell $4.85 per share, or about 10.4%, to $41.98 per share on August 2, 2024, and continued to decline the next trading day by about 5% to $39.81 per share on August 5, 2024.
The lawsuit alleges, among other things, that during the Lecture Period, the defendants made false and/or misleading statements and/or failed to disclose that (i) the impact of the project delay on Nextrackers’ business, financial results and prospects was far more serious than represented to investors; (ii) delays in licensing and interconnection materially impaired Nextrackers’ ability to convert backlogs into revenue at historical conversion rates; (iii) 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; and (iv) Nextracker did not possess the competitive advantages that allegedly protected it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as alleged by Defendants.
WHY CONTACT KAPLAN FOX – Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and results clients demand. Through litigating cases at the federal and state levels, Kaplan Fox has successfully shaped the law by making many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you can visit our website at www.kaplanfox.com.
This press release may be considered solicitor advertising in some jurisdictions under applicable law and ethical rules.
If you have any questions about this Notice, your rights or interests, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
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