Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Nextracker Inc. (“Nextracker”) (NASDAQ: NXT) common stock between May 14, 2024 and August 1, 2024, inclusive (the “Class Period”).
On August 1, 2024, Nextracker revealed that the company’s revenue had declined sequentially, from $737 million in the fourth fiscal quarter of 2024 to $720 million during the first fiscal quarter of 2025. Similarly, Nextracker’s GAAP gross profit had declined sequentially from $340 million in the fourth fiscal quarter of 2024 to $237 million during the first fiscal quarter of 2025. Notably, Nextracker did not raise guidance for the first time since it became a public company, implying a slowdown in growth for the remainder of the year. Additionally, during a related earnings call, Nextracker belatedly admitted that the company was not in fact effectively offsetting the timing headwinds impacting the overall industry as previously represented. Nextracker also conceded that “it is taking longer for projects to be fulfilled in real life due to” “construction permits or interconnection delays” and that only “80% of that backlog is expected to be realized over the next eight quarters.”
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 misrepresented and/or failed to disclose that: (1) project delays in the solar tracking industry were causing instability; (2) it was known that the project delays as a result of the interconnection queue and permitting delays were lengthening; (3) these further delays would have a material impact on Nextracker’s business and ability to convert backlog into revenue; and (4) as a result, Defendants’ statements about Nextracker’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On March 9, 2026, the Court granted Defendants’ Motion to Dismiss and allowed Lead Plaintiffs 28 days to file an Amended Complaint. This action is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; 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.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.