Robbins LLP is Investigating Allegations that Nextracker Inc. (NXT) Misled Investors Regarding the Company's Financial Prospects

Robbins LLP informs investors that a class action was filed on behalf of all persons and entities who purchased or otherwise acquired Nextracker Inc. (NASDAQ: NXT) common stock between February 1, 2024 and August 1, 2024. Nextracker provides software that enables solar panels to follow the sun's movement across the sky and related products and services.  

The Allegations

According to the complaint, during the class period, defendants failed to disclose: (a) that the impact of project delays on Nextracker’s business, financial results, and prospects was far more severe than represented to investors; (b) that permitting and interconnection delays had materially impaired Nextracker’s ability to convert backlog into revenue at historical conversion rates; (c) that Nextracker had been unable to offset the negative impact from project delays through increased client demand and the purported ability to pull forward its other projects in the manner represented by defendants; and (d) that Nextracker did not possess the competitive advantages which purportedly shielded it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as claimed by defendants.

On August 1, 2024, Nextracker announced disappointing financial results for the first fiscal quarter ended June 30, 2024. On this news, the price of Nextracker common stock dropped from $46.83 per shares when the market closed on August 1, 2024, to $39.81 per share when the market closed on August 5, 2024.

What Now: You may be eligible to participate in the class action against Nextracker Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 25, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.