Mobileye Global Inc. is a technology company engaged in the development and deployment of advanced driver assistance systems (“ADAS”) and autonomous driving software and hardware products. The Company generates the majority of its revenue from the sale of EyeQ System-onChip (“SoCs”). The EyeQ SoCs is a computer chip used for driver-assistance and partial autonomous driving. Mobileye sells EyeQ SoCs to Tier 1 automotive suppliers who in turn sell to Original Equipment Manufacturers (“OEMs”).

A recently filed federal securities fraud class action Complaint alleges that, Mobileye Global Inc. (NASDAQ: MBLY), via certain of its officers and directors, 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, the Complaint alleges Defendants failed to disclose to investors that: (1) that, to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, the Company’s Tier 1 customers had purchased inventory in excess of demand during fiscal 2023; (2) that, as a result, the Company’s customers had excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs; (3) that, due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting the Company’s fiscal 2024 financial results; and (4) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Current Mobileye shareholders who have held Mobileye shares since on or before January 26, 2023, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.

If you would like to learn more about this matter, you are encouraged to contact us at jgrabar@grabarlaw.com, or call 267-507-6085.