STMicroelectronics N.V. Stockholders Urged to Act on Class Action
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STMicroelectronics N.V. Stockholders Urged to Act on Class Action
Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC, a law firm known nationally, has alerted investors about a class action lawsuit filed against STMicroelectronics N.V. (NYSE: STM) and certain officers of the company.
Class Action Details
This lawsuit seeks to recover damages for alleged violations of federal securities laws on behalf of individuals and entities who acquired STM securities during a specified period. Investors who purchased shares between January 25, 2024, and July 24, 2024, are encouraged to take part in this legal action.
Case Overview
The lawsuit alleges that STM disclosed its U.S. GAAP financial results for the second quarter on July 25, 2024. It further claimed that the company had to revise its revenue and margin forecasts downward for the second time in the same fiscal year. The anticipated total revenue for 2024 has now been forecasted to be between $13.2 billion and $13.7 billion, which is significantly lower than the previous expectations. Earlier projections had estimated revenues as high as $15.9 billion to $16.9 billion for 2024.
Recent Performance Insights
For the second quarter, STM reported a dramatic year-over-year revenue decline of 25.3%, totaling $3.23 billion. Additionally, sales to Original Equipment Manufacturers (OEMs) decreased by 14.9%, and sales through distribution channels saw a staggering 43.7% drop. Following this news, the company’s stock price fell over 13% in pre-market trading on July 25, 2024.
What Are the Next Steps?
A class action lawsuit has been filed, and investors who suffered losses are encouraged to review the Complaint, which is available on the firm’s site. Interested individuals can also contact Peretz Bronstein, Esq., or Nathan Miller, Client Relations Manager, at Bronstein, Gewirtz & Grossman, LLC via phone. Investors must act quickly, as they have until October 22, 2024, to request court appointment as lead plaintiff.
No Financial Risk
Bronstein, Gewirtz & Grossman, LLC operates on a contingency fee basis to represent investors in class actions. This means they will only seek reimbursement for out-of-pocket expenses and attorney's fees if they secure a financial recovery for their clients.
About Bronstein, Gewirtz & Grossman
This reputable law firm is well recognized for its legal expertise in representing investors in securities fraud class actions and shareholder derivative suits. Over the years, they have successfully recovered hundreds of millions of dollars for investors across the nation.
Contact Information
If you believe you are a victim of this alleged securities fraud, do not hesitate to reach out for assistance. Your opportunity to take part in this legal endeavor is within reach.
Frequently Asked Questions
What is the nature of the lawsuit against STM?
This lawsuit involves allegations of violation of federal securities laws due to significant revenue downgrades and loss disclosures.
Who can participate in the class action?
Individuals and entities that purchased STM securities between January 25, 2024, and July 24, 2024, may join the class action.
What are the potential financial implications for investors?
Participants in the class action could recover damages for their losses related to the stock's decline.
How is the law firm compensated?
The law firm operates on a contingency fee basis, recuperating fees only if they win the case.
What should investors do next?
Investors are encouraged to contact the law firm to discuss their eligibility for joining the class action and the specifics of their losses.
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