NEW YORK, NY / ACCESSWIRE / November 1, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of SolarEdge Technologies, Inc. ("SolarEdge" or "the Company") (NASDAQ:SEDG). Investors who purchased SolarEdge securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/sedg.
The investigation concerns whether SolarEdge has violated federal securities laws.
Investigation Details:
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.
What's Next?
If you are aware of any facts relating to this investigation or purchased SolarEdge securities, you can assist this investigation by visiting the firm's site: bgandg.com/sedg. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz and Grossman, LLC
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