NEW YORK, NY / ACCESSWIRE / October 30, 2023 / Pomerantz LLP is investigating claims on behalf of investors of SolarEdge Technologies, Inc. ("SolarEdge" or the "Company") (NASDAQ:SEDG). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether SolarEdge and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On October 19, 2023, SolarEdge announced preliminary financial results for the third quarter and dramatically cut its guidance for nearly all of its key metrics for the third quarter. The Company said it now expects sales of $720-$730 million for the period, down 20% from previous projections. SolarEdge also revealed that adjusted operating income will be just $12-$31 million, far below the $115 million to $135 million that it had previously expected. SolarEdge Chief Executive Officer Zvi Lando cited "substantial unexpected cancellations and pushouts" of existing backlogs from the Company's European distributors due to high inventories and slow installation rates. SolarEdge also stated that fourth-quarter results would be significantly lower than expected as well, suggesting that decline demand is a long-term challenge.
On this news, SolarEdge's stock price fell $31.08 per share, or 27.27%, to close at $82.90 per share on October 20, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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