Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Aehr Test Systems, Inc. (AEHR) Investors
LOS ANGELES--(BUSINESS WIRE)--Dec 10, 2024--
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Aehr Test Systems, Inc. (“Aehr” or the “Company”) (NASDAQ: AEHR ) securities between January 9, 2024 and March 24, 2024, inclusive (the “Class Period”). Aehr investors have until February 3, 2025 to file a lead plaintiff motion.
If you suffered a loss on your Aehr investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Aehr-Test-Systems-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On March 25, 2024, Aehr released its preliminary third quarter fiscal 2024 financial results, revealing that the Company expected revenue to be approximately $7.6 million, significantly missing consensus estimates of $14.3 million, citing delays in wafer level burn-in system orders for semiconductor devices used in electric vehicles that created a short-term gap in revenue and profitability. Further, the Company lowered its 2024 revenue forecast by approximately $15 million.
On this news, Aehr’s stock price fell $3.29, or 22.4%, to close at $11.37 per share on March 25, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) contrary to prior representations to investors, Aehr was continuing to experience substantial delays in customer orders; (2) the foregoing issue was likely to have a material negative impact on the Company’s revenue growth; (3) accordingly, the Company’s business and/or financial prospects were overstated; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Aehr securities during the Class Period, you may move the Court no later than February 3, 2025 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20241210237382/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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