NEW YORK, Aug. 1, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of STMicroelectronics N.V. (“ST” or the “Company”) (NYSE: STM). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether ST and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 25, 2024, ST issued a press release announcing its second quarter 2024 results, including negatively revised full year revenue and margin projections for the second time within the current fiscal year. The Company anticipated total revenue for 2024 to fall within the range of $13.2 billion to $13.7 billion, a reduction from the prior forecast of $14 billion to $15 billion. Notably, during ST’s fourth quarter 2023 earnings call in January 2024, the Company had projected 2024 revenues in a range between $15.9 billion and $16.9 billion. In addition, ST’s second quarter revenue experienced a 25.3% decline year-over-year, amounting to $3.23 billion, and net sales to original equipment manufacturers and through distribution channels decreased by 14.9% and 43.7%, respectively, on a year-over-year basis.
On this news, ST’s stock price fell $6.07 per share, or 15.35%, to close at $33.47 per share on July 25, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT: Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP