NEW YORK, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of ChargePoint Holdings, Inc. (NYSE: CHPT)?
- Did you purchase your shares between June 1, 2023 and November 16, 2023, inclusive?
- Did you lose money in your investment in ChargePoint Holdings, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of ChargePoint Holdings, Inc. (“ChargePoint” or the “Company”) (NYSE: CHPT) between June 1, 2023 and November 16, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired ChargePoint securities, and/or would like to discuss your legal rights and options please visit ChargePoint Holdings, Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, ChargePoint provides networked solutions for charging electric vehicles, including the ChargePoint cloud subscription platform and charging hardware. ChargePoint claims its goods and services are designed for an array of charging scenarios from home to workplace, parking, hospitality, retail and transport fleets of all types.
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 was experiencing higher component costs and supply overruns for first generation DC charging products; (2) the Company was likely to incur impairment charges; and (3) the Company’s profitability would be adversely impacted.
On November 16, 2023, after the market closed, ChargePoint released preliminary financial results for the third quarter of fiscal year 2024, which would include an “additional non-cash inventory impairment charge” in the amount of $42 million “related to product transitions and to better align inventory with current demand.” As a result, the Company expected to report “GAAP gross margin of negative 23% to negative 21%.” The Company also reported revenue had fallen to “$108 million to $113 million, as compared to $150 to $165 million as previously expected.” Moreover, ChargePoint’s Chief Executive Officer and Chief Financial Officer were both replaced, effective immediately.
On this news, the Company’s share price fell $1.11, or 35%, to close at $2.02 per share on November 17, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than January 29, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired ChargePoint securities, and/or would like to discuss your legal rights and options please visit ChargePoint Holdings, Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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Contact Information:
Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
