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If you suffered losses in ChargePoint stock, contact ChargePoint stock loss lawyer Timothy L. Miles about a ChargePoint class action lawsuit
INTRODUCTION TO THE CHARGEPOINT CLASS ACTION LAWSUIT
The ChargePoint class action lawsuit seeks to represent purchasers or acquirers of ChargePoint Holdings, Inc. (NYSE: CHPT) securities between June 1, 2023 and November 16, 2023, inclusive (the “Class Period”). Captioned Khan v. ChargePoint Holdings, Inc., No. 23-cv-06172 (N.D. Cal.), the ChargePoint class action lawsuit charges ChargePoint and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in ChargePoint stock and wish to serve as lead plaintiff in the ChargePoint class action lawsuit, please contact ChargePoint Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the ChargePoint class action lawsuit must be filed with the court no later than January 29, 2024. Read on as we recap everything ChargePoint investors need to know about the ChargePoint class action lawsuit. WHAT ARE THE ALLEGATIONS IN THE CHARGEPOINT CLASS ACTION LAWSUIT? Contact a ChargePoint stock loss lawyer about a ChargePoint Class Action Lawsuit
The ChargePoint class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) ChargePoint was experiencing higher component costs and supply overruns for first generation DC charging products; (ii) as a result, ChargePoint was likely to incur impairment charges; and (iii) consequently, ChargePoint’s profitability would be adversely impacted.
The ChargePoint class action lawsuit further alleges that on September 6, 2023, ChargePoint reported second quarter of fiscal year 2024 financial results, including a “$28.0 million, or 19 percentage point, inventory impairment charge” that “was taken to address legacy supply chain-related costs and supply overruns on a particular DC product.” As a result, ChargePoint reported a second-quarter GAAP gross margin of 1%, down from 17% in the prior year’s same quarter, according to the complaint. The ChargePoint class action lawsuit alleges that on this news, the price of ChargePoint stock fell nearly 11%. Then, on November 16, 2023, ChargePoint announced preliminary financial results for the third quarter of fiscal year 2024, which would include an “additional non-cash inventory impairment charge” in the amount of $42 million “related to product transitions and to better align inventory with current demand,” the complaint further alleges. ChargePoint expected to report “GAAP gross margin of negative 23% to negative 21%” and further reported revenue had fallen to “$108 million to $113 million, as compared to $150 to $165 million as previously expected,” according to the ChargePoint class action lawsuit. The ChargePoint class action lawsuit also alleges that ChargePoint’s Chief Executive Officer and Chief Financial Officer were both replaced, effective immediately. The ChargePoint class action lawsuit alleges that on this news, the price of ChargePoint stock fell more than 35%. CAN A NON-U.S. INVESTOR SERVE AS LEAD PLAINTIFF IN THE CHARGEPOINT CLASS ACTION LAWSUIT?
Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors. Thus, if a non-U.S. investor suffered losses in ChargePoint stock, they may move the Court to be appointed lead plaintiff in the ChargePoint class action lawsuit.
WHAT ARE THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE CHARGEPOINT LAWSUIT?
Serving as a Lead Plaintiff in the ChargePoint lawsuit has several advantages and important benefits including:
Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a class action against ChargePoint if you suffered significant losses in ChargePoint stock. HOW WAS THE CLASS PERIOD DETERMINED IN THE CHARGEPOINT LAWSUIT?
In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure.
To be a part of the class in the ChargePoint lawsuit, you must have suffered losses in ChargePoint stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against ChargePoint WHAT ARE MY CHOICES IF I RECEIVE A NOTICE IN THE CHARGEPOINT CLASS ACTION LAWSUIT?
First, read the notice very carefully. You have two choices. First, you can do nothing and remain a member of the class represented by lead counsel. Second, if you believe you have a large enough loss to justify it, you can opt out of the ChargePoint class action lawsuit and file your own separate lawsuit. Note, that if you opt out, you will not be able to participate in any settlement or recovery obtained in the ChargePoint class action lawsuit.
WHAT IS THE LEAD PLAINTIFF DEADLINE IN THE CHARGEPOINT CLASS ACTION LAWSUIT?
When a securities class action is filed such as the ChargePoint class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the ChargePoint class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.
WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE CHARGEPOINT CLASS ACTION LAWSUIT?
A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the ChargePoint class action lawsuit. Some of the responsibilities of the Lead Plaintiff in the ChargePoint class action lawsuit include:
WILL THE LEAD PLAINTIFFS GET MORE MONEY THAN CLASS MEMBERS IF THE CHARGEPOINT CLASS ACTION LAWSUIT SETTLES?
No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the ChargePoint class action lawsuit. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class. However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the ChargePoint class action lawsuit on behalf of investors who suffered losses in ChargePoint stock.
CONTACT A CHARGEPOINT STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN CHARGEPOINT STOCK ABOUT A CHARGEPOINT CLASS ACTION LAWSUIT
If you suffered losses in ChargePoint stock, contact ChargePoint stock loss lawyer Timothy L. Miles today for a free case evaluation about a ChargePoint class action lawsuit. Call today and see what a ChargePoint stock loss lawyer could do for you if you suffered losses in ChargePoint stock.
ChargePoint stock loss lawyer Timothy L. MilesNashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action: Class Action: Top 9National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime. Comments are closed.
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The Law Offices of Timothy L. Miles Tapestry at Brentwood Town Center 300 Centerview Dr., #247 Brentwood, TN 37027 Phone: (855) 846-6529 Email: [email protected] HOURS OF OPERATION Mon-Fri: 24/7 Sat-Sun: 24/7 |
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