STMicroelectronics N.V.
Case Overview
27 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 10/22/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: STMicroelectronics N.V. |
Court: | Court: Southern District of New York |
Case Number: | Case Number: 1:24cv06370 |
Class Period: | Class Period: 01/25/2024 - 07/24/2024 |
Ticker: | Ticker: STM |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired STMicroelectronics N.V. (“STMicroelectronics” or the “Company”) (NYSE: STM) securities during the period of January 25, 2024 to July 24, 2024, inclusive (“the Class Period”). Investors have until October 22, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On July 25, 2024, STMicroelectronics disclosed its U.S. GAAP financial results for the second quarter ending June 29, 2024, and subsequently revised its full-year revenue and margin projections downward for the second time within the current fiscal year. The Company reduced its anticipated 2024 revenue from a prior forecast of $14 billion to $15 billion to the range of $13.2 billion to $13.7 billion. For the second quarter, revenue experienced a 25.3% decline year-over-year, amounting to $3.23 billion. Additionally, net sales to Original Equipment Manufacturers (OEMs) and through Distribution channels decreased by 14.9% and 43.7%, respectively, on a year-over-year basis. On this news, the stock dropped over 13% during pre-market trading on July 25, 2024.
On July 25, 2024, STMicroelectronics disclosed its U.S. GAAP financial results for the second quarter ending June 29, 2024, and subsequently revised its full-year revenue and margin projections downward for the second time within the current fiscal year. The Company reduced its anticipated 2024 revenue from a prior forecast of $14 billion to $15 billion to the range of $13.2 billion to $13.7 billion. For the second quarter, revenue experienced a 25.3% decline year-over-year, amounting to $3.23 billion. Additionally, net sales to Original Equipment Manufacturers (OEMs) and through Distribution channels decreased by 14.9% and 43.7%, respectively, on a year-over-year basis. On this news, the stock dropped over 13% during pre-market trading on July 25, 2024.