NEW ORLEANS, Dec. 15, 2023 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilJanuary 29, 2024 to file lead plaintiff applications in a securities class action lawsuit against ChargePoint Holdings, Inc. (NYSE: CHPT), if they purchased the Company's securities between June 1, 2023 and November 16, 2023, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of California.
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ChargePoint investors should visit us at https://claimsfiler.com/cases/nyse-chpt/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
ChargePoint and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 16, 2023, post-market, the Company announced its preliminary financial results for 3Q 2024, disclosing that revenue had fallen to "$108 million to $113 million, as compared to $150 to $165 million as previously expected," and an additional non-cash inventory impairment charge in the amount of $42 million "related to product transitions and to better align inventory with current demand," which was expected to result in "GAAP gross margin of negative 23% to negative 21%," as well as the replacement of both its CEO and CFO, effective immediately.
On this news, shares of ChargePoint fell $1.11, or 35%, to close at $2.02 per share on November 17, 2023, on unusually heavy trading volume.
The case is Khan v. ChargePoint Holdings, Inc., et al., No. 23-cv-06172.
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