SAN DIEGO, Feb. 22, 2025 — Robbins Geller Rudman & Dowd LLP announces that individuals who purchased Nextracker Inc. (NASDAQ: NXT) common stock between February 1, 2024, and August 1, 2024, have until Tuesday, February 25, 2025, to request to be appointed as the lead plaintiff in the Nextracker class action lawsuit. The lawsuit, named Weber v. Nextracker Inc., No. 24-cv-09467 (N.D. Cal.), alleges that Nextracker and certain of its executives violated the Securities Exchange Act of 1934.
If you incurred significant losses and are interested in serving as the lead plaintiff in the Nextracker class action lawsuit, please submit your information here:
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CASE DETAILS: Nextracker provides software and products that allow solar panels to track the sun’s movement, improving the performance of utility power plants.
The Nextracker class action lawsuit claims that throughout the Class Period, the defendants made untrue and/or deceptive statements, and/or failed to reveal that: (i) project delays had a much more significant impact on Nextracker’s business, financial performance, and future prospects than what was communicated to investors; (ii) permitting and interconnection delays had considerably hampered Nextracker’s capacity to convert its backlog into revenue at the rates it had historically achieved; (iii) Nextracker was unable to mitigate the adverse effects of project delays by increasing client demand and moving other projects forward as claimed by the defendants; (iv) Nextracker lacked the competitive advantages that supposedly protected it from industry-wide challenges, or the ability to effectively counter the negative consequences of project delays, as the defendants asserted; and (v) consequently, the defendants lacked a reasonable basis for their optimistic statements regarding Nextracker’s business, financial results, and outlook.
The Nextracker class action lawsuit further asserts that on August 1, 2024, Nextracker disclosed a sequential decline in revenue, from $737 million in the fourth fiscal quarter of 2024 to $720 million in the first fiscal quarter of 2025. Similarly, Nextracker’s GAAP gross profit decreased sequentially from $340 million in the fourth fiscal quarter of 2024 to $237 million in the first fiscal quarter of 2025. Notably, Nextracker did not increase its guidance for the first time since becoming a public company, suggesting a slowdown in growth for the remainder of the year. Following this announcement, the price of Nextracker stock decreased by approximately 15% over two trading days.
Robbins Geller, which has a strong track record in prosecuting investor class actions, including those involving financial fraud, represents the plaintiff. A copy of the complaint can be accessed by clicking .
THE ROLE OF LEAD PLAINTIFF: Under the Private Securities Litigation Reform Act of 1995, any investor who purchased Nextracker common stock during the Class Period may seek to be appointed as lead plaintiff in the Nextracker class action lawsuit. Generally, the lead plaintiff is the investor with the largest financial stake in the case who also meets the requirements of being typical and adequate to represent the class. The lead plaintiff oversees the Nextracker class action lawsuit on behalf of all other class members and has the authority to choose the law firm that will litigate the case. An investor’s ability to benefit from any potential future recovery in the Nextracker class action lawsuit does not depend on serving as lead plaintiff.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is a leading law firm worldwide that represents investors in securities fraud cases. The firm has been ranked #1 by ISS Securities Class Action Services for securing the highest amount of monetary relief for investors in six of the past ten years. They have recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers across 10 offices, Robbins Geller is among the largest plaintiffs’ firms globally, and its attorneys have achieved some of the largest securities class action recoveries in history, including the record-breaking $7.2 billion recovery in In re Enron Corp. Sec. Litig. Additional information is available .
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
SOURCE Robbins Geller Rudman & Dowd LLP
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