DiCello Levitt LLP Announces Investor Class Action Against Mobileye Global Inc. (NASDAQ: MBLY) and Upcoming Lead Plaintiff Deadline

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Jan 23, 2024, 08:00 ET

SAN DIEGO, Jan. 23, 2024 /PRNewswire/ -- DiCello Levitt LLP announces that purchasers or acquirers of Mobileye Global Inc. ("Mobileye" or the "Company" –NASDAQ:MBLY) securities between January 26, 2023 and January 3, 2024, inclusive (the "Class Period") have until March 18, 2024, to seek appointment as lead plaintiff of the Mobileye class action lawsuit. The lawsuit charges Mobileye and certain of its current and former senior executive officers with violations of the Securities Exchange Act of 1934.

If you purchased shares of Mobileye securities between January 26, 2023 and January 3, 2024, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your information here: https://dicellolevitt.com/securities/mobileye/. You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at [email protected].

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Allegations

Mobileye is a technology company engaged in the development and deployment of advanced driver assistance systems ("ADAS") and autonomous driving software and hardware products. The majority of the Company's revenue is derived from the sale of EyeQ System-on-Chip ("SoCs"), a computer chip used for driver-assistance and partial autonomous driving.

On January 26, 2023, the beginning of the Class Period, Mobileye issued a press release announcing its fourth quarter and full year 2022 results, highlighting its purported strong financial performance and its expected strong performance for 2023. Thereafter, and throughout the Class Period, Mobileye also assured investors that management is monitoring inventory levels on an ongoing basis to mitigate any supply chain constraints.

On January 4, 2024, before the market opened, Mobileye issued a press release disclosing 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." Mobileye 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."

On this news, Mobileye's stock price fell $9.75 per share, or 24%, to close at $29.97 per share on January 4, 2024.

About DiCello Levitt

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SOURCE DiCello Levitt LLP