NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Credo Technology Group Holding Ltd. (NASDAQ: CRDO).
If you acquired Credo common stock and would like to discuss our investigation, please click here. Or you may contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003 or our toll free number 1 (800) 290-1952.
On February 14, 2023, Credo disclosed in an SEC filing that “Credo Technology Group Holding Ltd.’s (“Credo’s”) largest customer has reduced its demand forecast for certain Credo products for reasons Credo understands are unrelated to Credo’s performance.” As a result, the Company said it expects fiscal fourth quarter revenue, ending April 29, 2023, to be in the range of $30 million to $32 million. This projection reflects a significant decline in revenues compared to second fiscal quarter revenue of $51.4 million and prior expectations for third fiscal quarter revenue of $54 million to $56 million, which has not yet been reported.
Following this news, Credo shares fell $9.06 per share, or 46.8%, to close at $10.30 per share on February 15, 2023.
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If you have any questions about this investigation, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
