Nextracker provides software that enables solar panels to follow the sun's movement across the sky and related products and services.

A recently filed federal securities fraud class action complaint alleges that Nextracker Inc. (NASDAQ: NXT) misled investors regarding the Company's financial prospects.

As alleged in the complaint, during the Class Period (between February 1, 2024 and August 1, 2024) Nextracker, via certain of its officers 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.

The truth emerged 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.

Current Nextracker shareholders who have held shares of the Company’s stock since prior to February 1, 2024, as well as those who purchased shares during the Class Period, can seek corporate reforms, the return of funds, and potentially a receive a court approved incentive award if appropriate.

If you would like to learn more at no cost to you, please contact Joshua Grabar at [email protected] or Mia Heller at [email protected], or call us at 267-507-6085.