Lawsuit filed for Investors in shares of Nextracker Inc. (NASDAQ: NXT)

An investor, who purchased shares of Nextracker Inc. (NASDAQ: NXT), filed a lawsuit over alleged violations of Federal Securities Laws by Nextracker Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Nextracker Inc. (NASDAQ: NXT) have certain options and for certain investors are short and strict deadlines running. Deadline: February 25, 2025. NASDAQ: NXT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Fremont, CA based Nextracker Inc., an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally.

Nextracker Inc. reported that its Total Revenue rose from over $1.9 billion for the 12 months period that ended on March 31, 2023, to over $2.49 billion for the 12 months period that ended on March 31, 2024, and that its Net Income over those respective time periods increased from $118.88 million to $306.24 million.

On August 1, 2024 Nextracker Inc. revealed that its 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. On this news, the price of Nextracker stock fell approximately 15% over two trading days.

Shares of Nextracker Inc. (NASDAQ: NXT) declined from $62.31 per share on June 13, 2024, to as low as $30.93 per share on October 24, 2024.

The plaintiff claims that between February 1, 2024 and August 1, 2024, the defendants made false and/or misleading statements and/or failed to disclose that the impact of project delays on Nextracker's business, financial results, and prospects was far more severe than represented to investors, that permitting and interconnection delays had materially impaired Nextracker's ability to convert backlog into revenue at historical conversion rates, that Nextracker had been unable to offset the negative impact from project delays through increased client demand and the purported ability to pull forward its other projects in the manner represented by defendants, that Nextracker did not possess the competitive advantages which purportedly shielded it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as claimed by defendants, and that consequently, defendants lacked a reasonable basis for their positive statements about Nextracker's business, financial results, and prospects.

Those who purchased shares of Nextracker Inc. (NASDAQ: NXT) 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 Shareholders Foundation, Inc.
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.

This release was published on openPR.