The Law Offices of Frank R. Cruz reminds investors of the upcoming October 22, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired STMicroelectronics N.V. (“STM” or the “Company”) (NYSE: STM) securities between January 25, 2024 to July 24, 2024, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On July 25, 2024, STM released its second quarter 2024 financial results and reduced its revenue guidance for the full fiscal year 2024, stating that “customer orders for Industrial did not improve and Automotive demand declined.”
On this news, STM’s stock price fell $6.07, or 15.3%, to close at $33.47 per share on July 25, 2024, thereby injuring investors.
The complaint filed in this class action 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 that: (1) the Company did not truly have appropriate visibility to generate the guidance it put forth; (2) the Company failed to appropriately analyze the visibility it did have, or otherwise the Company was simply not truly equipped to handle the ongoing challenges in its end-market industries as they had projected; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired STMicroelectronics securities during the Class Period, you may move the Court no later than October 22, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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