STMicroelectronics Faces Securities Class Action Lawsuit
Levi & Korsinsky Initiates Class Action for STMicroelectronics Investors
Levi & Korsinsky, LLP has brought to the attention of investors a significant legal development concerning STMicroelectronics N.V. (NYSE: STM). The firm is notifying shareholders of a class action securities lawsuit aimed at recovering losses incurred during recent financial turbulence.
Understanding the Class Action
CLASS DEFINITION: This class action seeks to represent STMicroelectronics investors adversely affected by alleged securities fraud between January 25, 2024, and July 24, 2024. For further details and to connect with a member of the legal team, please follow the link below:
https://zlk.com/pslra-1/stmicroelectronics-lawsuit-submission-form?prid=99056&wire=4
Details of the Allegations
CASE OVERVIEW: The complaint details serious financial disclosures made by STMicroelectronics on July 25, 2024. The company revealed its U.S. GAAP financial results for the second quarter ending June 29, 2024, alongside a downward revision of its revenue forecasts. The company now expects total revenue for 2024 to fall between $13.2 billion and $13.7 billion, marking a significant decrease from earlier projections of $14 billion to $15 billion. This revision came after an optimistic outlook had previously suggested potential revenues ranging from $15.9 billion to $16.9 billion in January.
Financial Performance Impact
In the second quarter, STMicroelectronics reported a notable 25.3% decrease in revenue year-over-year, recording $3.23 billion. Notably, sales to Original Equipment Manufacturers (OEMs) dropped by 14.9%, while revenue from distribution channels plummeted by an alarming 43.7% compared to the previous year. These disclosures led to a stock price decline exceeding 13% in pre-market trading following the announcement.
Next Steps for Affected Investors
WHAT COMES NEXT? For those who experienced financial losses during the specified period of January 25, 2024, to July 24, 2024, there is an important deadline fast approaching. Shareholders wishing to be considered for the lead plaintiff role in the lawsuit have until October 22, 2024 to file their request. Notably, involvement in the lawsuit does not require you to serve as a lead plaintiff to participate in any potential recovery.
The Cost of Participation
NO COST TO PARTICIPATE: If you qualify as a class member, there will be no requirement for out-of-pocket expenses or fees for participation in this lawsuit. It's confirmed that there will be no costs or obligations associated with becoming involved.
Why Choose Levi & Korsinsky?
WHY LEVI & KORSINSKY: With a legacy spanning over two decades, the legal team at Levi & Korsinsky has achieved substantial victories for investors, securing hundreds of millions in compensation. Notably, the firm specializes in complex securities litigation, supported by a robust team of over 70 professionals dedicated to client success. For seven consecutive years, the firm has maintained a reputation as one of the leading securities litigation firms within the space, as listed in ISS Securities Class Action Services' Top 50 Report.
Contact Information
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
Frequently Asked Questions
What is the class action about?
The class action concerns allegations of securities fraud affecting shareholders of STMicroelectronics during a specific timeframe.
What steps should I take if I am a shareholder?
If you're a shareholder who suffered losses, consider filing a lead plaintiff application by the given deadline.
Are there any costs involved in participating?
No, you do not have to incur any out-of-pocket expenses to participate in the class action.
How long has Levi & Korsinsky been operational?
Levi & Korsinsky has been serving clients for over 20 years, specializing in securities litigation.
How can I contact Levi & Korsinsky?
You can contact the firm via their official website or by calling Joseph E. Levi, Esq. at (212) 363-7500.
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