DEADLINE ALERT: Faruqi & Faruqi, LLP investigating claims on behalf of STMicroelectronics investors

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who suffered losses in excess of $100,000 at STMicroelectronics to contact him directly to discuss their options

If you have suffered losses of more than €100,000 STMicroelectronics between January 25, 2024 and July 24, 2024 and would like to discuss your legal rights, please call Faruqi & Faruqi partner Josh Wilson direct bee 877-247-4292 or 212-983-9330 (Ext. 1310).

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New York, New York–(Newsfile Corp. – September 26, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against STMicroelectronics NV (“STMicroelectronics” or the “Company”) (NASDAQ: STM) and reminds investors of the Deadline October 22, 2024 to serve as lead plaintiff in a federal securities class action filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As set forth below, the Complaint alleges that Defendants provided investors with material information regarding STM’s projected revenues for fiscal year 2024. Defendants’ representations include, among other things, confidence in the Company’s understanding of the Company’s recovery paths industrial and automotive sectors, repeated There were indications that they had reached the proverbial ‘bottom’ of these trends, continuing to argue that the lows of their original and updated guides took into account the risks associated with these macro trends. Defendants provided these overwhelmingly positive statements to investors while simultaneously disseminating materially false and misleading statements and/or concealing material adverse facts about the true state of STM’s predictive capabilities; specifically, that the company didn’t really have the visibility to generate the guidance it put forward, failed to appropriately analyze the visibility it did have, or was otherwise simply not really equipped to address ongoing challenges in its end-market sectors. they had projected. Such statements without these material facts caused Plaintiff and other shareholders to purchase STM’s securities at artificially inflated prices.

The truth came to light on July 25, 2024, when STM announced its financial results for the second quarter of fiscal year 2024 and lowered its revenue guidance for the full fiscal year 2024. The company attributed their results and lowered expectations as “contrary to our prior expectations.” Customer orders for Industrial did not improve and demand from the Automotive sector fell.”

Investors and analysts immediately reacted to STM’s revelation. The price of STM’s common stock fell dramatically. From a closing price of $39.54 per share on July 24, 2024, STM’s stock price fell to $33.47 per share on July 25, 2024, a drop of more than 15.3% in the span of one day.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, which is adequate and typical of the class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent member of the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information about STMicroelectronics’ conduct to contact the company, including whistleblowers, former employees, shareholders and others.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224615