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Mobileye Global Inc. Class Action Lawsuit - MBLY

25 days left to seek lead plaintiff status

Case Summary

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The Mobileye class action lawsuit seeks to represent purchasers or acquirers of Mobileye Global Inc. (NASDAQ: MBLY) securities between January 26, 2023 and January 3, 2024, inclusive (the “Class Period”).  Captioned McAuliffe v. Mobileye Global Inc., No. 24-cv-00310 (S.D.N.Y.), the Mobileye class action lawsuit charges Mobileye and certain of Mobileye’s top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Mobileye class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Mobileye class action lawsuit must be filed with the court no later than March 18, 2024.

CASE ALLEGATIONS: Mobileye is a technology company engaged in the development and deployment of advanced driver assistance systems and autonomous driving software and hardware products.

The Mobileye class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, Mobileye’s Tier 1 customers had purchased inventory in excess of demand during fiscal year 2023; (ii) as a result, Mobileye’s customers had excess inventory on hand, including approximately 6-7 million units of EyeQ System-on-Chips (“SoCs”); and (iii) due to the build-up of inventory, there was a significant risk that Tier 1 customers would buy less product, thus adversely impacting Mobileye’s fiscal year 2024 financial results. 

The Mobileye class action lawsuit further alleges that on January 4, 2024, Mobileye disclosed that it had “become aware” of a build-up of inventory, including an estimated 6-7 million units of EyeQ SoCs held by customers.  The complaint further alleges that Mobileye also disclosed that it “expect[s] Q1 [2024] revenue to be down approximately 50%, as compared to the $458 million revenue generated in the first quarter of 2023” and that “the lower-than-expected volumes in the EyeQ® SoC business will have a temporary impact on our profitability.”  On this news, the price of Mobileye stock fell more than 24%, according to the complaint. 

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Mobileye securities during the Class Period to seek appointment as lead plaintiff in the Mobileye class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Mobileye class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Mobileye class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Mobileye class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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