MBLY - Kirby McInerney LLP Reminds Mobileye Global Inc. (MBLY) Investors of Class Action Filing and Encourages Investors to Contact the Firm | Benzinga

NEW YORK, Feb. 16, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Mobileye Global Inc. ("Mobileye" or the "Company") (NASDAQ:MBLY) securities during the period from January 26, 2023 through January 3, 2024, inclusive. Investors have until March 18, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

[Click here to learn more about the class action]

On January 4, 2024, before the market opened, Mobileye issued a press release disclosing that it had "become aware" of a build-up of excess inventory including an estimated 6-7 million units of EyeQ SoCs held by customers. The Company stated this was a result of "supply chain constraints in 2021 and 2022 and a desire to avoid part shortages" and "lower than-expected production at certain OEM's during 2023." The Company then disclosed "the lower-than-expected volumes in the EyeQ SoC business will have a temporary impact on our profitability[.]" The Company also provided a preliminary financial ...

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