NEW YORK, Jan. 2, 2025 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Nextracker Inc. ("Nextracker" or the "Company") (NASDAQ: NXT). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Nextracker and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 1, 2024, Nextracker issued a release announcing results for its first fiscal quarter ended June 30, 2024. The release revealed that Nextracker's revenue had declined sequentially, from $737 million in the fourth fiscal quarter of 2024 to $720 million during the first fiscal quarter of 2025. Similarly, Nextracker's GAAP gross profit had declined sequentially from $340 million in the fourth fiscal quarter of 2024 to $237 million during the first fiscal quarter of 2025. Notably, the Company did not raise guidance for the first time since it became a public company, implying a slowdown in growth for the remainder of the year. In a related earnings call, Company management belatedly admitted that, notwithstanding prior representations to the contrary, Nextracker was not in fact effectively offsetting certain timing headwinds impacting the overall industry, citing, among other things, "construction permits or interconnection delays."
As a result of this news, the price of Nextracker common stock dropped from $46.83 per share when the market closed on August 1, 2024 to $39.81 per share when the market closed on August 5, 2024, a 15% decline on abnormally high volume over two trading days.
Then, on October 30, 2024, in connection with reporting its second fiscal quarter of 2025 results, Nextracker revealed that its quarterly revenue and profit continued to decline sequentially, to $636 million and $225 million, respectively.
Nextracker stock has continued its downward trajectory and fell to lows of less than $34 per share by the end of calendar 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
