BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces an investigation on behalf of Mobileye Global Inc. (“Mobileye” or the “Company”) (NASDAQ: MBLY) investors concerning the Company’s possible violations of federal securities laws.
On January 4, 2024, before the market opened, Mobileye released preliminary financial results for its full year 2023, reporting a build-up of excess inventory “due to supply chain constraints in 2021 and 2022 and a desire to avoid part shortages” and “lower than-expected production” at certain manufacturers. Additionally, the Company provided a preliminary financial outlook for 2024, disclosing that revenue for the first quarter of 2024 is expected to be down about 50% from $458 million generated a year earlier.
On this news, Mobileye’s stock price fell $9.75, or 24.5%, to close at $29.97 per share on January 4, 2024, thereby injuring investors.
If you purchased Mobileye securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
