Press release
Lawsuit filed for Investors who lost money with shares of STMicroelectronics N.V. (NYSE: STM)
A lawsuit was filed on behalf of investors in STMicroelectronics N.V. (NYSE: STM) shares over alleged securities laws violations.
Investors who purchased shares of STMicroelectronics N.V. (NYSE: STM) have certain options and for certain investors are short and strict deadlines running. Deadline: October 22, 2024. NYSE: STM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Switzerland based STMicroelectronics N.V., together with its subsidiaries, designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. STMicroelectronics N.V., together with its subsidiaries, designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.
STMicroelectronics N.V. reported that its annual Total Revenue rose from over $16.12 billion in 2022 to over $17.28 billion in 2023, and that its Net Income increased from $3.96 billion in 2022 to $4.33 billion in 2023.
On July 25, 2024, STMicroelectronics N.V. disclosed its U.S. GAAP financial results for the second quarter ending June 29, 2024, and subsequently revised its full-year revenue and margin projections downward for the second time within the current fiscal year. The company now anticipates total revenue for 2024 to fall within the range of $13.2 billion to $13.7 billion, a reduction from the prior forecast of $14 billion to $15 billion. Notably, during the fourth-quarter 2023 earnings call held in January, the company had projected 2024 revenues to range between $15.9 billion and $16.9 billion.
Shares of STMicroelectronics N.V. (NYSE: STM) $52.96 per share on August 02, 2023, to $31.10 per share on August 01, 2024.
The plaintiff claims that between January 25, 2024 and July 24, 2024, the Defendants made false and/or misleading statements and/or failed to disclose that contrary to prior representations, demand in STM's automotive and industrial sectors continued to decline in the first half of 2024, that as a result, the Company's revenues and gross margins also continued to decline during this period, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of STMicroelectronics N.V. (NYSE: STM) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About:
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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