NEW YORK, NY / ACCESSWIRE / July 26, 2024 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of STMicroelectronics N.V. ("ST" or "the Company") (NYSE:STM). Investors who purchased ST securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/STM.
Investigation Details
On July 25, 2024, ST issued a press release announcing its second quarter 2024 results, including negatively revised full year revenue and margin projections for the second time within the current fiscal year. The Company anticipated total revenue for 2024 to fall within the range of $13.2 billion to $13.7 billion, a reduction from the prior forecast of $14 billion to $15 billion. Notably, during ST's fourth quarter 2023 earnings call in January, the Company had projected 2024 revenues in a range between $15.9 billion and $16.9 billion. In addition, ST's second quarter revenue experienced a 25.3% decline year-over-year, amounting to $3.23 billion, and net sales to original equipment manufacturers and through distribution channels decreased by 14.9% and 43.7%, respectively, on a year-over-year basis. On this news, ST's stock price fell $6.08 per share, or 15.38%, to close at $33.46 per share on July 25, 2024.
What's Next?
If you are aware of any facts relating to this investigation or purchased ST securities, you can assist this investigation by visiting the firm's site: bgandg.com/STM. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC