STM INVESTOR DEADLINE: STMicroelectronics N.V. Investors with Substantial Losses Have Opportunity to Lead Case
San Diego, California--(Newsfile Corp. - October 4, 2024) - Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of STMicroelectronics N.V. (NYSE: STM) securities between January 25, 2024 and July 24, 2024, all dates inclusive (the "Class Period"), have until October 22, 2024 to seek appointment as lead plaintiff of the STMicroelectronics class action lawsuit. Captioned Wang v. STMicroelectronics N.V., No. 24-cv-06370 (S.D.N.Y.), the STMicroelectronics class action lawsuit charges STMicroelectronics as well as certain of STMicroelectronics' top executives with violations of the Securities Exchange Act of 1934. A subsequently filed case is captioned Malm v. STMicroelectronics N.V., No. 24-cv-06384 (S.D.N.Y.).
If you suffered substantial losses and wish to serve as lead plaintiff of the STMicroelectronics class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-stmicroelectronics-n-v-class-action-laws ...
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: STMicroelectronics, together with its subsidiaries, designs, develops, manufactures, and sells semiconductor products.
The STMicroelectronics class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose material adverse facts concerning the true state of STMicroelectronics' forecasting ability; notably, that STMicroelectronics did not truly have appropriate visibility to generate guidance it put forth, failed to appropriately analyze the visibility it did have, or otherwise STMicroelectronics was simply not equipped to handle the ongoing challenges in its end-market industries as they had projected.
The STMicroelectronics class action lawsuit further alleges that on April 25, 2024, STMicroelectronics announced its first quarter of fiscal year 2024 financial results, disclosing negatively revised full year 2024 revenue and margin projections "'driven by lower revenues in Automotive and Industrial'" and stating that "'[d]uring the quarter, Automotive semiconductor demand slowed down compared to our expectations, entering a deceleration phase, while the ongoing Industrial correction accelerated.'" The STMicroelectronics class action lawsuit further alleges that STMicroelectronics also disclosed an 18.4% decline in first quarter revenue year-over-year, amounting to $3.47 billion, and that net sales to original equipment manufacturers and through distribution channels decreased by 11.5% and 30.8%, respectively, on a year-over-year basis. On this news, the price of STMicroelectronics stock fell, the STMicroelectronics class action lawsuit alleges.