SEDG - SEDG Class Action Alert: Robbins LLP Reminds Investors of Lead Plaintiff Deadline in SolarEdge Technologies Inc. Class Action | Benzinga
SAN DIEGO, Dec. 20, 2023 (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 SolarEdge Technologies, Inc. (NASDAQ:SEDG) securities between February 22, 2022 and October 19, 2023. SolarEdge provides inverter solutions for a solar photovoltaic ("PV") system. The Company's offerings include power optimizers, inverters, monitoring services, energy storage, and smart energy management via a cloud-based monitoring platform.
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What is this Case About: SolarEdge Technologies, Inc. (SEDG) Misled Investors Regarding its Business Prospects
According to the complaint, during the class period, defendants failed to disclose to investors: (i) the Company's distribution channels in Europe had higher than optimal inventory levels; (ii) that, as a result, the Company was experiencing substantial cancellations and pushouts of existing backlog from its European distributors; and (iii) as a result, the Company's backlog and guidance was overstated.
Plaintiff alleges that on August 1, 2023, SolarEdge held a conference call with investors and analysts regarding its second quarter 2023 results. ...