BOSTON, Jan. 04, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed against ChargePoint Holdings, Inc. (NYSE: CHPT) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/chpt.
What is this all about?
After the market closed on September 6, 2023, ChargePoint reported financial results for fiscal Q2 2024 in which it disclosed a $28 million inventory impairment charge that was taken to address legacy supply-chain related costs and supply overruns. Then after the market closed on November 16, 2023, ChargePoint announced preliminary financial results for fiscal Q3 2024 which included an additional non-cash inventory impairment charge of $42 million related to product transitions and to align inventory with current market demand. ChargePoint also announced the replacement of both its Chief Executive Officer and Chief Financial Officer.
Shares of ChargePoint Holdings, Inc. stock dropped 35% on November 17, 2023 on unusually heavy trading volume.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was experiencing higher component costs and supply overruns for first generation DC charging products; (2) as a result, the Company was likely to incur impairment charges; (3) as a result of the foregoing, the Company’s profitability would be adversely impacted; and (4) as a result of the foregoing, Defendants positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Who is eligible?
Anyone who purchased ChargePoint Holdings, Inc. stock between June 1, 2023 and November 16, 2023, and has lost money may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is January 29, 2024. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. We have obtained, and are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
