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 fletcher@fmoorelaw.com
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 fletcher@fmoorelaw.com 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
fletcher@fmoorelaw.com
(212) 709-8245
www.fmoorelaw.com
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