If you suffered losses in SolarEdge stock, contact SolarEdge stock loss lawyer Timothy L. Miles about a SolarEdge class action lawsuit
INTRODUCTION TO THE SOLAREDGE CLASS ACTION LAWSUIT
The SolarEdge class action lawsuit seeks to represent purchasers or acquirers of SolarEdge Technologies, Inc. (NASDAQ: SEDG) securities between May 3, 2023 and October 19, 2023, inclusive (the “Class Period”). Captioned Shen v. SolarEdge Technologies, Inc., No. 23-cv-09748 (S.D.N.Y.), the SolarEdge class action lawsuit charges SolarEdge and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in SolarEdge stock and wish to serve as lead plaintiff in the SolarEdge class action lawsuit, please contact SolarEdge 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 SolarEdge class action lawsuit must be filed with the court no later than January 2, 2024.
Read on for answers to five frequently asked questions about the SolarEdge class action lawsuit.
whaT are the ALLEGATIONS IN THE SOLAREDGE CLASS ACTION LAWSUIT?
SolarEdge provides inverter solutions for a solar photovoltaic (PV) system.
The SolarEdge class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) SolarEdge’s distribution channels in Europe had higher than optimal inventory levels; (ii) as a result, SolarEdge was experiencing substantial cancellations and pushouts of existing backlog from its European distributors; and (iii) consequently, SolarEdge’s backlog and guidance was overstated.
The SolarEdge class action lawsuit further alleges that on August 1, 2023, SolarEdge CEO, defendant Zvi Lando revealed that “distribution channels in Europe are experiencing higher than optimal inventory levels, especially as it related to solar modules.” The SolarEdge class action lawsuit alleges that on this news, the price of SolarEdge stock fell more than 18%.
The SolarEdge class action lawsuit further alleges that on October 19, 2023, SolarEdge disclosed that “[d]uring the second part of the third quarter of 2023, we experienced substantial unexpected cancellations and pushouts of existing backlog from our European distributors” and “[a]s a result, third quarter revenue, gross margin and operating income will be below the low end of the prior guidance range.” SolarEdge further revealed that it “anticipates significantly lower revenues in the fourth quarter of 2023 as the inventory destocking process continues,” according to the complaint. The SolarEdge class action lawsuit alleges that on this news, the price of SolarEdge stock fell more than 27%.
IF I SUFFERED LOSSES IN SOLAREDGE STOCK, WHAT ARE THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE SOLAREDGE CLASS ACTION LAWSUIT?
Serving as a Lead Plaintiff in the SolarEdge class action 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 SolarEdge if you suffered losses in SolarEdge stock.
WILL THE LEAD PLAINTIFFS GET MORE MONEY THAN CLASS MEMBERS IF THE SOLAREDGE CLASS ACTION LAWSUIT?
No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the SolarEdge 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 SolarEdge class action lawsuit on behalf of investors who suffered losses in SolarEdge stock.
CAN I BE LEAD PLAINTIFF IN THE SOLAREDGE CLASS ACTION LAWSUIT IF I AM LEAD PLAINTIFF IN ANOTHER CASE?
Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in SolarEdge stock, you may move to be appointed lead plaintiff in the SolarEdge class action lawsuit.
HOW WAS THE CLASS PERIOD DETERMINED IN THE SOLAREDGE CLASS ACTION 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.
In order to be a part of the class in the SolarEdge class action lawsuit, you must have suffered losses in SolarEdge 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 SolarEdge.
CONTACT A SOLAREDGE STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN SOLAREDGE STOCK ABOUT A SOLAREDGE CLASS ACTION LAWSUIT
If you suffered losses in SolarEdge Cell stock, contact SolarEdge stock loss lawyer Timothy L. Miles today for a free case evaluation about a SolarEdge class action lawsuit. Call today and see what a SolarEdge stock loss lawyer could do for you if you suffered losses in SolarEdge Cell stock.
Nashville 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 100 National 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 three hundred 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 Resources center and call for free anytime.
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