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Investors Alerted to Class Action Lawsuit Against Mobileye Global Inc. for Alleged Securities Fraud

RADNOR, Pa., March 4, 2024 /PRNewswire/ -- The renowned law firm Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) has issued a notice to investors that a securities class action lawsuit has been initiated against Mobileye Global Inc. (referred to hereafter as "Mobileye") (NASDAQ: MBLY). The lawsuit asserts that Mobileye is culpable for breaches of federal securities law due to nondisclosures and deceitfully inaccurate statements pertaining to the company's operational health, business affairs, and prospective growth. As a direct consequence of the company's significantly deceptive proclamations and lack of transparency, investors of Mobileye have been burdened with substantial monetary losses.

For those who have incurred financial losses with Mobileye and wish to submit a claim, please CLICK HERE to report your situation. Additionally, you may access the same information via this direct link: https://www.ktmc.com/new-cases/mobileye-global-inc?utm_source=PR&utm_medium=link&utm_campaign=mbly&mktm=r.

A corresponding video that offers further insight into the matter is also available for viewing. To watch the video, please CLICK HERE.

The deadline for the lead plaintiff, which falls on MARCH 18, 2024, is rapidly approaching. The class period which the lawsuit covers spans from January 26, 2023, until January 3, 2024.

Should you wish to discuss your rights as an investor, Jonathan Naji, Esq., is available to address your queries. You can reach him at (484) 270-1453 or via email at [email protected].

Kessler Topaz stands among the elite international entities committed to safeguarding the public from corporate misconduct and fraud. This dedication has earned their securities fraud litigators widespread acknowledgment for proficiency within the industry. The firm takes pride in its history of recouping billions of dollars for clients and in its capacity as a representative for shareholder classes.

The firm also prides itself on supporting whistleblowers, these are individuals who expose illicit activities either to authorities or publicly. In cases prosecuted under both federal and state qui tam statutes, as well as through financial fraud whistleblower programs managed by the SEC, CFTC, and IRS, Kessler Topaz provides representation. If you possess insights regarding fraudulent operations against government programs, or breaches of federal laws encompassing securities, commodities, taxation, or anti-foreign corruption, it's imperative to engage with Kessler Topaz immediately. The firm's contact details include (866) 369-7779, or via email at [email protected], and further information can be found at www.ktmc-whistleblower.com.

Defendants' Conduct Under Scrutiny

The lawsuit identifies the onset of the class period as January 26, 2023, which correlates with the release date of Mobileye's press statement announcing their financial outcomes for the fourth quarter and the entirety of 2022. Mobileye inflated its financial achievements in the announcement and portrayed an optimistic financial forecast for 2023. Moreover, for the duration of the class period, Mobileye's leadership reassured stockholders that they were vigilantly overseeing inventory levels to circumvent any potential inconveniences linked to supply chain setbacks.

A revelation of the truth materialized on January 4, 2024, when, preceding that day's market opening, Mobileye disclosed a significant accumulation of surplus inventory: an estimated six to seven million units of EyeQ SoCs stored by their customers. The company attributed this surplus to proactive measures taken in response to supply chain issues faced during 2021 and 2022, aimed at avoiding parts scarcity, coupled with unexpectedly reduced production rates from certain OEMs during 2023. Mobileye also admitted that the unanticipated low volumes in the EyeQ® SoC business would adversely affect their profitability temporarily and projected a roughly 50% dip in Q1 revenue, contrasted with the $458 million generated in the first quarter of 2023.

Such disclosures precipitated a sharp decline in Mobileye's share price, which plummeted $9.75 per share, translating to a staggering 24.5%, to ultimately close at $29.97 per share on January 4, 2024.

What Steps Can Investors Take?

Investors in Mobileye are urged to act promptly and must not later than March 18, 2024, petition the court for the privilege to officiate as the lead plaintiff of the class. This can be coordinated through Kessler Topaz Meltzer & Check, LLP or other counsel; alternately, investors may opt to take no concrete action and consequently remain absent from the class. Kessler Topaz Meltzer & Check, LLP encourages affected Mobileye investors, especially those who have sustained significant financial damage, to connect with the firm directly for comprehensive clarification on the matter. The lawsuit against Mobileye, named Mcauliffe v. Mobileye Global Inc., et al., bearing the Case No. 24-cv-00310, was filed in the United States District Court for the Southern District of New York and is currently awaiting deliberations under the Honorable Denise Cote.

For additional details and to register for the lawsuit, please CLICK HERE.

Who Is Eligible to Be a Lead Plaintiff?

Lead plaintiffs are typically investors or a small cluster of investors with the most significant monetary stake in the litigated matter and are capable of fairly and adequately embodying the investment class' interests. The court confirms the lead plaintiff's choice of counsel to represent both themselves and the class. This chosen representation, assuming court approval, will act as the lead or class counsel. Your potential share of any eventual financial restitution does not hinge on your decision to assume the role of a lead plaintiff.

About Kessler Topaz Meltzer & Check, LLP

Kessler Topaz Meltzer & Check, LLP stands out in prosecuting class actions across state and federal courts both domestically and globally. The firm's reputation for unparalleled excellence has been cemented over the years, accompanied by the recovery of billions for victims of corporate fraud and malpractice. This commitment stems from one unified purpose - to defend and protect investors, consumers, employees, and others from fraud, exploitation, misconduct, and negligence perpetrated by businesses and fiduciaries. For insights into Kessler Topaz Meltzer & Check, LLP, individuals and interested parties are encouraged to visit www.ktmc.com.

Kessler Topaz Meltzer & Check, LLP Contact Information

For further correspondence or legal advice, contact:

Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]

SOURCE: Kessler Topaz Meltzer & Check, LLP

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