MBLY - Mobileye Global Inc. (MBLY) Investor Alert: Robbins LLP Reminds Stockholders of Class Action Filed Against Mobileye Global Inc. | Benzinga

SAN DIEGO, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Mobileye Global Inc. (NASDAQ:MBLY) securities between January 26, 2023 and January 3, 2024. Mobileye is a technology company engaged in the development and deployment of advanced driver assistance systems ("ADAS") and autonomous driving software and hardware products.

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What is this Case About: Mobileye Global Inc. (MBLY) Misled Investors Regarding its Business Prospects

According to the complaint, on January 4, 2024, 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 ...

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