| COMPANY |
Vicor Corporation |
| COURT |
United States District Court for the District of Massachusetts |
| CASE NUMBER |
24-cv-11935 |
| JUDGE |
The Hon. Myong J. Joun |
| CLASS PERIOD |
April 26, 2023, through February 22, 2024 |
| SECURITY TYPE |
Common Stock |
LEAD PLAINTIFF DEADLINE IS SEPTEMBER 23, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
On October 24, 2023, Vicor announced the company’s third quarter 2023 financial results and revealed that third quarter bookings remained weak. Additionally, during an accompanying earnings call, Vicor was reluctant to discuss their new AI platform and the company’s potential deal with Nvidia Corporation, which analysts reported, “rais[ed] concerns [that] th[ese] opportunit[ies] ha[d] shrunk.” On this news, the price of Vicor common stock declined $14.14 per share, or approximately 26.6%, from a close of $53.19 per share on October 24, 2023, to close at $39.05 per share on October 25, 2023.
Then, on February 22, 2024, Vicor announced results for fourth quarter 2023 that missed analysts’ expectations. Vicor’s CEO, in addressing the poor results, explained that the company “turned down deals that would have been inconsistent with our long term strategy,” and later revealed on an investor call that Vicor is “[no longer] thinking about 4G” as an opportunity. On this news, the price of Vicor common stock declined $11.17 per share, or approximately 23.8%, from a close of $46.84 per share on February 22, 2024, to close at $35.67 per share on February 23, 2024.
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) Vicor did not have material opportunities to provide its power products to AI end users; (2) Vicor did not have increased opportunities from its newly developed AI platform; (3) Vicor had not secured a significant deal with Nvidia Corporation to use Vicor’s AI platform; (4) the company was no longer concentrated on its old 4G communications technologies and Vicor’s backlog continued to remain weak; and (5) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.