STMicroelectronics N.V.
| Company Name | STMicroelectronics N.V. |
| Stock Symbol | STM |
| Class Period | January 25, 2024 to July 24, 2024 |
| Lead Plaintiff Motion Deadline | October 22, 2024 |
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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