According to the lawsuit, defendants made materially false and/or misleading statements throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, Mobileye’s Tier 1 customers had purchased inventory in excess of demand during fiscal 2023;
- as a result, Mobileye’s customers had excess inventory on hand, including approximately 6-7 million units of EyeQ System-on-Chip, a computer chip used for driver-assistance and partial autonomous driving;
- due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting Mobileye’s fiscal 2024 financial results; and
- as a result of the foregoing, defendant’s positive statements about Mobileye’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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.
Attorney Advertising. Prior results do not guarantee a similar outcome.