CHPT - ChargePoint Holdings Class Action: Robbins LLP Informs Investors of New Class Action Filing Against ChargePoint Holdings Inc. (CHPT) | Benzinga
SAN DIEGO, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Robbins LLP informs investors that a shareholder filed a class action lawsuit on behalf of persons and entities that purchased or otherwise acquired ChargePoint Holdings, Inc. (NYSE:CHPT) securities between December 7, 2021 and November 16, 2023. ChargePoint provides networked solutions for charging electric vehicles, including the ChargePoint cloud subscription platform and charging hardware.
For more information, submit a form, email Aaron Dumas, Jr., or give us a call at (800) 350-6003.
What is this Case About: ChargePoint Holdings, Inc. (CHPT) Failed to Disclose Material Information Regarding its Financial Prospects
The complaint alleges that on September 6, 2023, ChargePoint reported its second quarter fiscal year 2024 financial results, including an "$28.0 million, or 19 percentage point, inventory impairment charge." The Company stated the "inventory impairment charge was taken to address legacy supply chain-related costs and supply overruns on a particular DC product." As a result, the Company reported a second quarter GAAP gross margin of 1%, down from 17% in the prior year's same quarter. On this news, the Company's share price fell $0.77, or 11%, to close ...
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