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 XPEL Inc. (“XPEL” or “the Company”) (NASDAQ: XPEL) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. XPEL 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 https://portnoylaw.com/xpel-inc/. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
In a recent public disclosure, XPEL reported that its revenue from paint protection film ("PPF") sales related to Tesla vehicles accounted for just 5% of its total year-to-date earnings. However, on October 19, 2023, the credibility of XPEL's claims was brought into question when activist short-seller Culper Research released a highly critical report titled "XPEL, Inc. (NASDAQ: XPEL): That's a Wrap." According to Culper Research, their investigation, which involved a survey of more than 100 XPEL installers, suggests that Teslas might actually represent a more substantial portion of XPEL's PPF business, ranging from 25% to 35%.
Furthermore, Culper Research alleges that "the Company is hiding a significant undisclosed risk from its primary supplier, which has the potential to disrupt the core foundation of the Company." Specifically, Culper Research asserts that XPEL's long-standing supplier, entrotech, has entered into a joint venture with PPG, integrating protection technology directly into original equipment manufacturer (OEM) paint.
Culper Research argues that XPEL has conspicuously removed all references to entrotech in its recent filings with the U.S. Securities and Exchange Commission (SEC), implying that XPEL may be attempting to downplay the uncomfortable reality that it has been overtaken by PPG, and that its trusted supplier has chosen to collaborate with PPG rather than continuing with XPEL.
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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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