Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises SolarEdge Technologies, Inc. (“SolarEdge” or the “Company”) (Nasdaq: SEDG) investors that a class action has been filed on behalf of investors. SolarEdge investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On the 19th of October, 2023, SolarEdge Technologies, Inc. unveiled its preliminary earnings for Q3 2023. The company reported encountering significant and unforeseen order cancellations and delays in their existing backlog from European distributors during the latter half of the quarter. Consequently, the anticipated revenue, gross margin, and operating income for the quarter will fall short of the previously estimated lower range. This development also leads the company to expect a marked decrease in revenue for Q4 2023. Following these disclosures, SolarEdge's stock price suffered a steep drop of $31.08, a plunge of roughly 27.27%, ending at $82.90 on October 20, 2023, from its previous close of $113.98 per share.
The legal action asserts that the Defendants issued misleading and false statements throughout the Class Period and failed to communicate that: (i) SolarEdge's European distribution networks were saturated with inventory exceeding demand; (ii) consequently, the company was witnessing a surge in cancellations and postponements of existing backlog from these distributors; and (iii) the company's projected backlog and guidance figures were inflated.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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