Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises STMicroelectronics N.V. ("STM" or the "Company") (NYSE:STM) investors of a class action representing investors that bought securities between January 25, 2024 and July 24, 2024, inclusive (the "Class Period"). STM investors have until October 22, 2024 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 July 25, 2024, STM announced its financial results for the second quarter of 2024 and lowered its revenue expectations for the entire fiscal year, citing that "customer orders for Industrial did not improve and Automotive demand declined."
In response to this news, STM's stock price dropped by $6.07, or 15.3%, closing at $33.47 per share on July 25, 2024, resulting in losses for investors.
The class action complaint claims that during the Class Period, the Defendants made materially false or misleading statements and failed to disclose significant negative information about the Company’s business, operations, and future prospects. Specifically, the complaint alleges that Defendants did not reveal that: (1) the Company lacked adequate visibility to support the guidance it provided; (2) the Company did not effectively assess its visibility or was unprepared to manage the ongoing challenges in its target industries; and (3) consequently, the Defendants’ positive statements regarding the Company’s business and outlook were materially misleading and lacked a reasonable basis at all relevant times.
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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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