NEW YORK, Nov. 18, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against ASML Holding NV ("ASML" or the "Company") (NASDAQ: ASML). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether ASML and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until January 13, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired ASML securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On October 15, 2024, ASML released its financial results for the third quarter of 2024. Among other items, ASML disclosed that it recorded quarterly bookings of only €2.63 billion—a 53% decline from €5.6 billion in the second quarter of 2024. ASML also announced that it expected full year 2025 net sales to be between €30 billion and €35 billion, in the lower half of the Company's initial range of between €30 billion and €40 billion. President and Chief Executive Officer ("CEO") Christophe Fouquet explained that, "[w]hile there continue to be strong developments and upside potential in [artificial intelligence], other [semiconductor] market segments are taking longer to recover" and admitted that "[i]t now appears the recovery is more gradual than previously expected." ASML also materially reduced its gross margin target to between 51% and 53%, down from its prior guidance of between 54% and 56%.
On this news, ASML's stock price fell $141.84 per share, or 16.3%, to close at $730.43 per share on October 15, 2024.
Then, on October 16, 2024, on a related earnings call, ASML's Chief Financial Officer Roger Dassen attributed the poor bookings results to "a reflection of the slow recovery in the traditional [semiconductor] end markets as customers remain cautious in the current environment." CEO Fouquet also admitted that the semiconductor industry "recovery will extend well into 2025," leading to "a reduced growth curve in 2025 and an [] overall reduction of our lithography demand." The Company's officers also revealed that ASML's sales in China had declined to "a more normalized" level and that the decline in ASML's sales to China would also negatively impact the Company's gross margins.
On this news, ASML's stock price fell $46.91 per share, or 6.4%, to close at $683.52 per share on October 16, 2024.
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.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
