Lawsuit filed for Investors who lost money with shares of Mobileye Global Inc. (NASDAQ: MBLY)

An investor, who purchased shares of Mobileye Global Inc. (NASDAQ: MBLY), filed a lawsuit over alleged violations of Federal Securities Laws by Mobileye Global Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Mobileye Global Inc. (NASDAQ: MBLY) have certain options and for certain investors are short and strict deadlines running. Deadline: March 16, 2024. NASDAQ: MBLY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Israel based Mobileye Global Inc. engages in the development and deployment of advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions worldwide. On January 4, 2024, before the market opened, Mobileye Global Inc. disclosed that it had "become aware" of a build-up of excess inventory including an estimated 6-7 million units of EyeQ SoCs held by customers. The Company stated this was a result of "supply chain constraints in 2021 and 2022 and a desire to avoid part shortages" and "lower than-expected production at certain OEM's during 2023." The Company then disclosed "the lower-than-expected volumes in the EyeQ® SoC business will have a temporary impact on our profitability[.]" The Company also provided a preliminary financial outlook for 2024, in which it stated it "expect[s] Q1 revenue to be down approximately 50%, as compared to the $458 million revenue generated in the first quarter of 2023."

Shares of Mobileye Global Inc. (NASDAQ: MBLY) declined from $43.96 per share on November 22, 2023, to $28.19 per share on January 04, 2024.

The plaintiff claims that between January 26, 2023 and January 3, 2024, the Defendants failed to disclose to investors that that, to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, the Company's Tier 1 customers had purchased inventory in excess of demand during fiscal 2023, that, as a result, the Company's customers had excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs, that, due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting the Company's fiscal 2024 financial results, and that, as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Mobileye Global Inc. (NASDAQ: MBLY) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.