NEW YORK CITY, NY / ACCESSWIRE / September 12, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against STMicroelectronics N.V. ("STM" or "the Company") (NYSE:STM) and certain of its officers.
Class Definition
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired STM securities between January 25, 2024, and July 24, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/STM.
Case Details
The Complaint alleges that STM disclosed on July 25, 2024, its U.S. GAAP financial results for the second quarter ending June 29, 2024, and subsequently revised its full-year revenue and margin projections downward for the second time within the current fiscal year. The Complaint continues to allege that the company now anticipates total revenue for 2024 to fall within the range of $13.2 billion to $13.7 billion, a reduction from the prior forecast of $14 billion to $15 billion. Notably, during the fourth-quarter 2023 earnings call held in January, the company had projected 2024 revenues to range between $15.9 billion and $16.9 billion. Additionally, for the second quarter, revenue experienced a 25.3% decline year-over-year, amounting to $3.23 billion, and net sales to Original Equipment Manufacturers (OEMs) and through Distribution channels decreased by 14.9% and 43.7%, respectively, on a year-over-year basis. Following this news, STM dropped over 13% during pre-market trading on July 25, 2024.
What's Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/STM or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in STM you have until October 22, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
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 Nathan Miller,
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz and Grossman, LLC
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