Vicor Corporation. Investors: Please contact the Portnoy Law Firm to recover your losses. ...
Investors cancontactthe law firm at no cost to learn more about recovering their losses
LOS ANGELES, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Vicor Corporation. ("Vicor" or the "Company") (NASDAQ: VICR) investors of a class action representing investors that bought securities between April 26, 2023 and February 22, 2024, inclusive (the "Class Period"). Vicor investors have until September 23, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Case Allegations: Vicor is a global technology company specializing in power solutions, including the design, development, and manufacture of modular power components and systems for electrical power conversion.
The Vicor class action lawsuit claims that during the Class Period, the defendants made false and misleading statements and failed to disclose crucial information, specifically: (i) they created the illusion that Vicor’s advanced technology for high-power applications would significantly expand its customer base for AI products; (ii) they misrepresented the potential for increased opportunities from its lateral and lateral/vertical Power Distribution Networks solutions; (iii) Vicor had not secured a major deal with Nvidia for its H100 product; and (iv) Vicor's backlog was weak and declining for the third quarter of 2023.
Additionally, the lawsuit alleges that on October 24, 2023, Vicor disclosed that “[w]ith the reduction in backlog, including overdue backlog, we are more dependent on turns orders, which results in less visibility to our near-term outlook,” and that “our current expectation is that revenue, gross margin, and operating expenses will be approximately flat sequentially.” Following this announcement, Vicor’s stock price plummeted nearly 27%, as stated in the complaint.
On February 22, 2024, the lawsuit further alleges that Vicor reported fourth-quarter financial results that fell short of analyst expectations, indicating a significant decline in new contracts and sales. As a result, Vicor’s stock price dropped nearly 24%, according to the complaint.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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