Business
NXT FRAUD CLASS ACTION: Nextracker Inc. Investors that Suffered Losses are Reminded to Contact BFA Law before February 25 Legal Deadline
New York, New York--(Newsfile Corp. - February 19, 2025) - Leading securities law firm Bleichma...
About this update from Nextgen Digital Platforms, Inc.
[{"type":"text","content":"NXT FRAUD CLASS ACTION: Nextracker Inc. Investors that Suffered Losses are Reminded to Contact BFA Law before February 25 Legal DeadlineNew York, New York--(Newsfile Corp. - February 19, 2025) - Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Nextracker Inc. (NASDAQ: NXT) and certain of the Company's senior executives for potential violations of the federal securities laws. If you invested in Nextracker, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/nextracker-inc.Investors have until February 25, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Nextracker stock. The case is pending in the U.S. District Court for the Northern District of California and is captioned Weber v. Nextracker Inc., et al., No. 24-cv-9467.Why was Nextracker Sued for Securities Fraud?Nextracker provides software that enables solar panels to follow the sun's movement across the sky and related products and services. Nextracker's customers include solar project developers and owners. During the relevant period, Nextracker minimized the impact of project delays on its business, claiming that the delays were isolated to individual projects, that the Company was better at managing project timelines than its competitors, and that favorable demand trends more than offset any adverse effects stemming from project delays.In truth, Nextracker's ability to convert its backlog to revenue was hampered by permitting delays as well as panel availability and interconnection to a far greater extent than previously disclosed. In addition, the purported favorable demand trends and Nextracker's management of project timeliness had not effectively offset the negative impact of these project delays.The Stock Declines as the Truth is RevealedOn August 1, 2024, Nextracker announced its financial results for its fiscal Q1 2025, revealing that revenue declined to $720 million, from $737 million in the prior quarter, and failed to raise guidance for the first time since it became a public company. On the same-day earnings call, Nextracker admitted that \"it is taking longer for projects to be fulfilled in real life due to...