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
investors@dicellolevitt.com.
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