SolarEdge Technologies, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On the 19th of October, 2023, SolarEdge Technologies, Inc. unveiled its preliminary earnings for Q3 2023. The company reported encountering significant and unforeseen order cancellations and delays in their existing backlog from European distributors during the latter half of the quarter. Consequently, the anticipated revenue, gross margin, and operating income for the quarter will fall short of the previously estimated lower range. This development also leads the company to expect a marked decrease in revenue for Q4 2023. Following these disclosures, SolarEdge’s stock price suffered a steep drop of $31.08, a plunge of roughly 27.27%, ending at $82.90 on October 20, 2023, from its previous close of $113.98 per share.
The legal action asserts that the Defendants issued misleading and false statements throughout the Class Period and failed to communicate that: (i) SolarEdge’s European distribution networks were saturated with inventory exceeding demand; (ii) consequently, the company was witnessing a surge in cancellations and postponements of existing backlog from these distributors; and (iii) the company’s projected backlog and guidance figures were inflated.
