Did you lose money on investments in SolarEdge Technologies? If so, please visit SolarEdge Technologies, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
New York, New York--(Newsfile Corp. - November 25, 2022) - Bernstein Liebhard LLP , a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired shares of SolarEdge Technologies, Inc. ("SolarEdge" or the "Company") (NASDAQ: SEDG) between August 6, 2020 and October 19, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
SolarEdge provides solar power optimization and photovoltaic ("PV") monitoring solutions for solar energy systems, offering optimizers, inverters, monitoring equipment, tools, and accessories for power harvesting, conversion, and efficiency while serving customers worldwide. Two main parts of SolarEdge's solar energy systems are its power optimizers and inverters. A power optimizer can be described as a direct current to direct current ("DC to DC") converter technology developed to maximize the energy harvest from solar PV systems. An inverter, also referred to as the "brains" of a solar energy system, converts the DC power (or "raw" energy) from the PV modules into alternating current ("AC") power (or "usable" energy) that runs in a user's home.
SolarEdge states that inverters have "critical" importance because while inverters account for less than 10% of system cost, those components manage 100% of system production and are "critical for the long term financial performance of a PV system as it can maximize energy production and reduce lifetime costs." Since SolarEdge started commercialized shipments of solar energy systems in 2010, over 3.7 million inverters and 89 million power optimizers were shipped worldwide.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) the designs of the power optimizers, inverters, and components thereof used to develop SolarEdge's products potentially originated with, and were misappropriated from, Ampt LLC ("Ampt"), a competitor in the renewable energy industry; (ii) Ampt made claims against the Company for misappropriating Ampt's patented technology, (iii) evidentiary support existed for the allegations that SolarEdge misappropriated certain patents relating to the design and development of the Company's power optimizers and inverters; (iv) as a result, SolarEdge faced a threat of regulatory and/or court action, which could prohibit the import, marketing, and sale of its power optimizers and inverters, including solar energy systems that contain such products, which in turn (v) seriously threatened SolarEdge's ability to monetize on their solar energy systems that contain the power optimizers and inverters in the United States and generate revenue; and (vi) certain revenues generated from the sale of power optimizers and inverters were potentially based on SolarEdge's unlawful activities, including the misappropriation of patented designs by Ampt.
On July 28, 2022, the U.S. International Trade Commission ("ITC") agreed to review a patent infringement case filed by Ampt against SolarEdge on July 28, 2022. On August 29, 2022, it was revealed that the ITC had voted to institute an investigation of SolarEdge. SolarEdge's stock price fell approximately 1.4% to close at $279.46 on August 29, 2022.
On October 19, 2022, investors learned the gravity of the ITC's investigation when Judge Connolly in the District Court of Delaware stayed a parallel proceeding filed against SolarEdge by Ampt and based on substantially similar allegations, styled Ampt, LLC v. SolarEdge Tech., Inc., No. 1:22-cv-00997 (D. Del.), pending the ITC's investigation. On this news, shares of SolarEdge stock fell $7.96 to close at $199.46 on October 19, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than January 3, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery does not require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased SolarEdge shares, and/or would like to discuss your legal rights and options please visit SolarEdge Technologies, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145178
