NEW ORLEANS, Dec. 22, 2023 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind 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.
What You May Do
If you purchased securities of ChargePoint and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-chpt/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 29, 2024.
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.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit http://ksfcounsel.com/.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
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SOURCE Kahn Swick & Foti, LLC
