| COMPANY |
Mobileye Global Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
23-cv-00310 |
| JUDGE |
The Hon. Denise Cote |
| CLASS PERIOD |
January 26, 2023 through January 3, 2024 |
| SECURITY TYPE |
Securities |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Mobileye Global Inc. (“Mobileye”) (NASDAQ: MBLY) securities between January 26, 2023 and January 3, 2024, both dates inclusive (the “Class Period”).
The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, the company’s Tier 1 customers had purchased inventory in excess of demand during fiscal 2023; (2) that, as a result, the company’s customers had excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs; (3) that, due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting the company’s fiscal 2024 financial results; and (4) that, as a result of the foregoing, Defendant’s positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On September 13, 2024, Lead Plaintiff filed a Consolidated Amended Complaint. Defendants filed a Motion to Dismiss on October 25, 2024. On November 22, 2024, Lead Plaintiff filed a Second Amended Complaint. On December 20, 2024, Defendants filed a Motion to Dismiss the Second Amended Complaint. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.