CHPT - CHPT STOCKHOLDERS: Robbins LLP Reminds Investors of Pending Lead Plaintiff Deadline in ChargePoint Holdings Inc. Securities Fraud Class Action Lawsuit | Benzinga
SAN DIEGO, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds 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 June 1, 2023 and November 16, 2023. ChargePoint provides networked solutions for charging electric vehicles, including the ChargePoint cloud subscription platform and charging hardware.
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What is this Case About: ChargePoint Holdings, Inc. (CHPT) Failed to Disclose Material Information Regarding its First Generation DC Charging Products
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 at ...