Deadline Alert: Investigation into Nextracker Claims by Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP has initiated an investigation into potential claims on behalf of Nextracker investors.

Investors who have incurred losses greater than $75,000 in Nextracker within the period of February 1, 2024, to August 1, 2024, are encouraged to reach out to Josh Wilson, a partner at Faruqi & Faruqi, for legal advice on their options. Interested parties can contact him at 877-247-4292 or 212-983-9330 (Ext. 1310).

Faruqi & Faruqi is a prominent national securities law firm founded in 1995, with a successful track record of recovering significant amounts for investors. The firm's offices are located in New York, Pennsylvania, California, and Georgia.

Recently, a federal securities class action was filed against Nextracker Inc. (NASDAQ: NXT), which has implications for investors due to a looming deadline of February 25, 2025 to apply for the role of lead plaintiff.

The alleged violation of federal securities laws by Nextracker and its executives includes making false statements or withholding critical information regarding the severity of project delays affecting the company's financial performance. These statements misled investors about:

1. the actual impact of project delays on Nextracker's operations and profits,
2. material impairments that hindered Nextracker's revenue generation,
3. the inability to counterbalance project delays with increased client demand,
4. the claims of competitive advantages that were not substantiated,
5. and the lack of reasonable basis for optimistic statements made about the company's outlook.

In particular, on August 1, 2024, Nextracker disclosed that its revenue had dropped from $737 million in the previous quarter to $720 million, indicating a downturn. Additionally, the company’s GAAP gross profit saw a significant decrease, going from $340 million to $237 million.

This revelation prompted a substantial decline in Nextracker's stock price, which fell approximately 15% over two trading days as investors reacted to the disappointing news.

Potential lead plaintiffs are those who have suffered the largest losses and seek to direct the litigation on behalf of the company’s shareholders. Members of the class are not obligated to serve as lead plaintiffs, and those who choose not to will still retain their rights to any potential recovery from the case.

Faruqi & Faruqi also welcomes any information regarding Nextracker’s activities, including insights from whistleblowers, former employees, and shareholders.

To gather more information about the Nextracker class action lawsuit or how to get involved, please visit www.faruqilaw.com/NXT or contact Josh Wilson at the numbers provided above.

Stay tuned for further updates on this matter through our official channels on LinkedIn.

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Nextracker, lawsuit, investigation