Robbins Geller Rudman & Dowd LLP has filed a class action lawsuit against California-based Nextracker Inc. The lawsuit, Weber v. Nextracker Inc., alleges that the Nextracker and its executives have violated the Securities Exchange Act of 1934. It claims that Nextracker has misrepresented financial performance, project delays, and competitive advantages. The allegations include understating project delays, overestimating mitigation efforts, and issuing overly optimistic financial projections. On August 1, 2024, Nextracker disclosed declining revenue ($720 million in Q1 FY 2025, down from $737 million in Q4 FY 2024) and gross profit ($237 million, down from $340 million), leading to a ~15% drop in stock price over two days. Investors who purchased stock between February 1 and August 1, 2024, have until February 25, 2025, to seek lead plaintiff status.
Nextracker faces class action lawsuit over securities fraud
The lawsuit claims Nextracker understated project delays and overestimated its financial projections, causing a stock price drop. (Image Credit/Source: sergeitokmakov/Pixabay)
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