Vicor Corporation
Case Overview
41 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 09/23/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Vicor Corporation |
Court: | Court: District of Massachusetts |
Case Number: | Case Number: 1:24cv11935 |
Class Period: | Class Period: 04/26/2023 - 02/22/2024 |
Ticker: | Ticker: VICR |
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 District of Massachusetts on behalf of those who acquired Vicor Corporation, Inc. (“Vicor” or the “Company”) (NASDAQ: VICR) securities during the period of April 26, 2023 and February 22, 2024, inclusive (“the Class Period”). Investors have until September 23, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On October 24, 2023, Vicor revealed that “[w]ith the reduction in backlog, including overdue backlog, we are more dependent on turns orders, and that results in less visibility to our near-term outlook” and that “our current expectation is that revenue, gross margin, and operating expenses will be approximately flat sequentially.” On this news, the price of Vicor shares declined by $14.14, or approximately 26.6%, from $53.19 on October 24, 2023, to close at $39.05 on October 25, 2023.
On February 22, 2024, Vicor announced their financial results for the fourth quarter that missed analyst expectations and signaled a sharp reversal in Vicor’s new contracts and sales. On this news, the price of Vicor shares declined by $10.97, or approximately 23.4%, from $46.84 per share on February 22, 2024, to close at $35.67 on February 23, 2024.
The lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that Vicor’s differentiated technology for high power applications would ramp up a customer base for Vicor’s advanced products in AI; (ii) defendants created the false impression that Vicor would have increased opportunities from its lateral and lateral/vertical Power Distribution Networks solutions; (iii) Vicor had not secured a significant deal with Nvidia for its H100 product; and (iv) Vicor’s backlog continued to remain weak and decreasing for the third quarter of 2023.
On October 24, 2023, Vicor revealed that “[w]ith the reduction in backlog, including overdue backlog, we are more dependent on turns orders, and that results in less visibility to our near-term outlook” and that “our current expectation is that revenue, gross margin, and operating expenses will be approximately flat sequentially.” On this news, the price of Vicor shares declined by $14.14, or approximately 26.6%, from $53.19 on October 24, 2023, to close at $39.05 on October 25, 2023.
On February 22, 2024, Vicor announced their financial results for the fourth quarter that missed analyst expectations and signaled a sharp reversal in Vicor’s new contracts and sales. On this news, the price of Vicor shares declined by $10.97, or approximately 23.4%, from $46.84 per share on February 22, 2024, to close at $35.67 on February 23, 2024.
The lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that Vicor’s differentiated technology for high power applications would ramp up a customer base for Vicor’s advanced products in AI; (ii) defendants created the false impression that Vicor would have increased opportunities from its lateral and lateral/vertical Power Distribution Networks solutions; (iii) Vicor had not secured a significant deal with Nvidia for its H100 product; and (iv) Vicor’s backlog continued to remain weak and decreasing for the third quarter of 2023.