NEW YORK, NY / ACCESSWIRE / September 7, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Vicor Corporation ("Vicor" or the "Company") (NASDAQ:VICR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Vicor and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until September 23, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Vicor securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On October 24, 2023, Vicor issued a press release announcing its third quarter 2023 earnings and guidance for the remainder of the year. Among other items, Chief Executive Officer and President Patrizio Vinciarelli stated that although Q3 bookings remained weak the Company was well positioned, given the progress made with its intellectual property and ChiP capacity and potential for diversification and expansion into the AI power system market. However, analysts interpreted the Company's apparent reluctance to discuss its AI platforms as a sign of "shrink[ing]" opportunity in the space.
On this news, Vicor's stock price fell $14.14 per share, or 26.58%, to close at $39.05 per share on October 25, 2023.
Then, on February 22, 2024, Vicor issued a press release announcing its end of year earnings, which also missed analyst expectations and signaled a sharp reversal in new contracts and sales.
On this news, Vicor's stock price fell $11.17 per share, or 23.85%, to close at $35.67 per share on February 23, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP