Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Dec. 10, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Aehr Test Systems, Inc. ("Aehr" or the "Company") (NASDAQ: AEHR) investors of a class action representing investors that bought securities between January 9, 2024 and March 24, 2024, inclusive (the "Class Period"). Aehr investors have until February 3, 2025 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On March 25, 2024, Aehr announced its preliminary financial results for the third quarter of fiscal 2024, revealing an expected revenue of approximately $7.6 million, well below the consensus estimate of $14.3 million. The Company attributed the shortfall to delays in wafer-level burn-in system orders for semiconductor devices used in electric vehicles, which created a temporary gap in both revenue and profitability. Additionally, Aehr revised its 2024 revenue forecast downward by approximately $15 million.
As a result of this news, Aehr's stock price dropped by $3.29, or 22.4%, closing at $11.37 per share on March 25, 2024, causing significant losses for investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose critical negative information about the Company's business, operations, and prospects. Specifically, the Complaint asserts that Defendants failed to disclose that: (1) contrary to prior assurances, Aehr continued to experience substantial delays in customer orders; (2) these delays were likely to significantly negatively affect the Company’s revenue growth; (3) as a result, the Company’s business and financial outlook were overstated; and (4) consequently, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and lacked a reasonable basis.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims 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
Attorney Advertising
