Mobileye Global Inc.
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Lesley F. Portnoy, Esq.,
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As per the complaint, on January 4, 2024, Mobileye issued a press release revealing that it had discovered a surplus inventory situation, comprising an estimated 6-7 million units of EyeQ SoCs held by customers. Mobileye attributed this to supply chain challenges in 2021 and 2022, along with lower-than-expected production at certain OEMs in 2023. The company also acknowledged that these lower volumes in the EyeQ® SoC business would temporarily affect profitability. Furthermore, Mobileye provided a preliminary financial outlook for 2024, forecasting a roughly 50% decrease in Q1 revenue compared to the first quarter of 2023, which generated $458 million in revenue.
The plaintiff alleges that throughout the class period, the defendants did not disclose the following information to investors:
- The Company’s Tier 1 customers had purchased excess inventory during fiscal 2023 to prevent shortages, as experienced during supply chain constraints in 2021 and 2022.
- Consequently, the Company’s customers had accumulated surplus inventory, including approximately 6-7 million units of EyeQ SoCs.
- Due to this inventory buildup, there was a substantial risk that Tier 1 customers would reduce their product purchases, potentially adversely affecting the Company’s fiscal 2024 financial results.
