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

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

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

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New York, New York–(Newsfile Corp. – August 30, 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 lawsuit filed against the company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm 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 fiscal year 2024 revenue projections. Defendants’ representations included, among other things, confidence in the Company’s understanding of the recovery paths of the industrial and automotive sectors, repeated indications that they had reached the proverbial “bottom” of these trends, and continued assertions that the lows of their original and updated guidance accounted for 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 regarding the true state of STM’s forecasting capabilities; specifically, that the Company did not actually have the proper visibility to generate the guidance it put forward, did not properly analyze the visibility it did have, or otherwise simply was not truly equipped to address the ongoing challenges in its end-market industries as they had predicted. In the absence of these material facts, such representations led the Claimant and other shareholders to purchase STM 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 guidance to the fact that “contrary to our previous expectations, customer orders for Industrial did not improve and demand for Automotive declined.”

Investors and analysts reacted immediately to STM’s disclosure. 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 decline 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 who is sufficient and typical of class members who directs and conducts the litigation on behalf of the putative class. Any member of the putative class may petition the Court to serve as lead plaintiff through counsel of their choosing, or may elect to do nothing and remain an absent class member. Your ability to share in any recovery will not be affected by the decision to serve as lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information regarding 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, visit https://www.newsfilecorp.com/release/221555