LOS ANGELES, CA / ACCESSWIRE / January 22, 2024 / The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Mobileye Global Inc. ("Mobileye" or "the Company") (NASDAQ: MBLY) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between January 26, 2023 and January 3, 2024, inclusive (the "Class Period"), are encouraged to contact the firm before March 18, 2024.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Mobileye's customers purchased excess inventory in fiscal year 2023 to avoid the shortages they experienced in 2021 and 2022. As a result, these customers were carrying a large inventory of the Company's products, including 6-7 million units of EyeQ System-on-Chips ("SoCs"). Due to this excess inventory, the Company was at risk of its largest customers buying less product in fiscal year 2024. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Mobileye, investors suffered damages.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]
SOURCE: The Schall Law Firm