SAN DIEGO, July 29, 2024 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Vicor Corporation (NASDAQ: VICR).
If you incurred significant losses and want to act as the lead plaintiff in the Vicor class action lawsuit, please submit your details here:
CLASS PERIOD: April 26, 2023 and February 22, 2024
LEAD PLAINTIFF DEADLINE: September 23, 2024
DOCKET #: 24-cv-11935 (D. Mass.)
ALLEGATIONS: False and/or misleading statements
Contact for More Information: James Baker, (619) 814-4471, jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
The complaint alleges Defendants provided investors with material information concerning Vicor’s second quarter 2023 earnings alongside a series of promotional statements about the company’s forthcoming AI platform. These AI-related statements led investors to believe that Vicor had secured a significant deal with Nvidia for its H100 product. During an investor conference call the same day, analysts asked Defendant Vinciarelli if the new AI platform was for a new customer and how significant was the volume of the incoming business. Defendant Vinciarelli assured the market that it was “new generation for an existing customer” and that it was a “significant customer.”
Allegations also include that Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements that Vicor Corporation’s prospects for a big sales contract with Nvidia. This caused Plaintiff and other shareholders to purchase Vicor’s securities at artificially inflated prices.
The allegations also include that the truth began to emerge just a few months later on October 24, 2023, when Vicor issued a press release announcing its third quarter 2023 earnings and guidance for the remainder of the year. In pertinent part, Defendant Vinciarelli noted that although Q3 bookings remained weak the Company was in good position with the progress made with its intellectual property and ChiP capacity and potential for diversification and expansion into the AI power system market. However, while discussing earnings, Vicor appeared reluctant to discuss its AI platforms, which analysts took as a sign of “shrink[ing]” opportunity in the space.
Investor Action Steps: Shareholders who incurred losses during the class period, have until September 23, 2024, to move the court to become a lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP | Top Law Firm, Securities Fraud, Investors Rights:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who have purchased on US exchanges. Stay updated with news on stock drops and learn how Johnson Fistel, LLP can help you recover your losses. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
