INVESTOR ACTION NOTICE: Moore Law PLLC Encourages Investors in Mobileye Global Inc. to Contact Law Firm
NEW YORK, April 23, 2024 /PRNewswire/ -- Moore Law, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
- Mobileye Global Inc. (NASDAQ: MBLY)
*please contact [email protected]
The investigation concerns allegations regarding false and/or misleading statements, as well as failure to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, a failure to disclose to investors that: (1) 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; (2) as a result, the Company's customers had excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs; and (3) 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.
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 24.5%, to close at $29.97 per share on January 4, 2024.
If you own Mobileye Global Inc. (NASDAQ: MBLY) please contact Fletcher Moore by email at [email protected] or (212) 709-8245.
There is no cost to you. We will never send you a bill or ask for payment.
Attorney advertising. Prior results do not guarantee similar outcomes.
Fletcher Moore, Esq.
Moore Law, PLLC
30 Wall Street, 8th Floor
New York, NY 10005
[email protected]
(212) 709-8245
www.fmoorelaw.com
SOURCE Moore Law PLLC
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