Vicor Corporation Responds to Recent Allegations
Vicor Corporation (NASDAQ: VICR), a prominent player in the modular power components industry, has recently addressed serious allegations arising from newly filed securities litigation. The company asserts that the statements made during its earnings call were accurate and based on the information available at that time.
Clarifying the Allegations
On July 25, 2023, Vicor revealed a significant booking of over $30 million in Non-Cancellable, Non-Returnable (NCNR) orders from a major customer, indicating their anticipation of a new program. These NCNR orders were a crucial indicator of the business relationship and underscored the performance expectations that contributed to the positive revenue outlook discussed during the call. However, the circumstances have changed since the company's last updates.
Adjustments in Customer Allocations
After the earnings call, the customer revised its allocations for the New Program, which resulted in adjustments to Vicor's expected revenue. These developments were unforeseen at the time of the original statements. Vicor maintains that the information shared was grounded in reasonable expectations, reflecting the realities of their operational landscape.
Implications for Vicor
The company emphasizes that its disclosures were honest and accurately conveyed the facts surrounding its business operations as they stood at that time. Vicor is committed to maintaining transparency with its stakeholders while adhering to best practices in corporate governance. The risk factors affecting such forward-looking statements are thoroughly detailed in their Annual Report, showcasing Vicor’s dedication to responsible corporate practices.
Vicor's Commitment to Technological Advancement
In addition to addressing the litigation, Vicor is focused on advancing its technology within the modular power systems market. The company designs and manufactures power components and systems for a variety of industries, including high-performance computing, telecommunications, and aerospace, leveraging patented technologies to maintain its competitive edge.
Contact Information
For any inquiries or additional information regarding its operations and products, Vicor Corporation invites you to reach out to their Chief Financial Officer, James F. Schmidt, at 978-470-2900 or via email at invrel@vicorpower.com.
Frequently Asked Questions
What is the core business of Vicor Corporation?
Vicor Corporation specializes in designing and manufacturing modular power components and systems, serving multiple industries including telecommunications and aerospace.
How did the litigation affect Vicor's operations?
While the litigation raised concerns, Vicor emphasizes that its prior statements were accurate and based on current expectations at the time of reporting.
What are NCNR orders?
Non-Cancellable, Non-Returnable (NCNR) orders are commitments from customers that guarantee orders cannot be canceled or returned, reflecting strong client relationships and demand.
Who can I contact for investor relations at Vicor?
The Chief Financial Officer, James F. Schmidt, can be contacted at 978-470-2900 or by email at invrel@vicorpower.com for any investor relations inquiries.
Where can I find more information about Vicor's products?
Further information on Vicor's product offerings and technologies is available on the company’s official website at www.vicorpower.com.
