SAN DIEGO, Sept. 09, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of purchasers or acquirers of STMicroelectronics N.V. (: STM) (“STM” or the “Company”) securities between January 25, 2024 and July 24, 2024, inclusive (the “Class Period”), charging the Company and certain senior executives with violations of the federal securities laws (collectively, “Defendants”).
STM investors have until October 22, 2024 to seek appointment as lead plaintiff of the STM class action lawsuit.
If you purchased or otherwise acquired STM securities between January 25, 2024 and July 24, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/stm/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or at [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased or acquired.
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.
Case Allegations
STM is an international corporation that designs, develops, manufactures, and sells semiconductor products around the world.
The STM lawsuit alleges that Defendants made materially false and misleading statements overstating the Company’s revenue outlook for fiscal year 2024 and its ability to navigate ongoing challenges facing its largest end-market industries. For example, in January 2024, STM announced its full year 2024 guidance ranged between $15.9 billion to $16.9 billion. Defendants repeatedly defended the foregoing projections and the Company’s ability to survive macroeconomic headwinds.
On April 25, 2024, STM announced poor financial results for the first quarter and reduced the Company’s full year 2024 guidance to “the range of $14 billion to $15 billion.” During the associated earnings call, Defendants elaborated that the Company’s poor performance was caused by “lower revenues in Automotive and Industrial” and further explained that “Automotive semiconductor demand slowed down compared to our expectations, entering a deceleration phase, while the ongoing Industrial correction accelerated.” Defendants continued to praise the Company’s ability to endure macroeconomic risks in these end-markets while assuring investors the issues would bottom out in the second quarter.
The truth was revealed on July 25, 2024 when STM disclosed its financial results for the second quarter and reduced its full year 2024 guidance for a second time to the range of $13.2 billion to $13.7 billion. On this news, the stock dropped over 13% on July 25, 2024.
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