NEW YORK, Dec. 30, 2024 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Nextracker Inc. (“Nextracker” or the “Company”) (NASDAQ: NXT) securities between February 1, 2024 and August 1, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that the Defendants failed to disclose to investors that: (a) the impact of project delays on Nextracker’s business, financial results, and prospects was far more severe than represented to investors; (b) that permitting and interconnection delays had materially impaired Nextracker’s ability to convert backlog into revenue at historical conversion rates; (c) that Nextracker had been unable to offset the negative impact from project delays through increased client demand and the purported ability to pull forward its other projects in the manner represented by Defendants; (d) that Nextracker did not possess the competitive advantages which purportedly shielded it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as claimed by Defendants; and (e) as a result, Defendants lacked a reasonable basis for their positive statements about Nextracker’s business, financial results, and prospects.
The Complaint further alleges that when news of the Defendants’ wrongful acts and omissions reached the market, the stock price of Nextracker declined precipitously, investors suffered significant losses and damages.
Investors who purchased or otherwise acquired shares of Nextracker should contact the Firm prior to the February 25, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
