NEW YORK - The Rosen Law Firm, known for representing global investors, has announced an investigation into Mobileye Global Inc. (NASDAQ:MBLY) concerning possible securities claims due to allegations that the company may have provided the investing public with materially misleading business information.
The investigation follows a recent press release from Mobileye on January 4, 2024, revealing preliminary financial results for FY2023 and an initial outlook for 2024. In the release, Mobileye projected a significant decrease in revenue for Q1 2024, expecting a drop of about 50% compared to Q1 2023's revenue of $458 million. This forecast led to a sharp decline in Mobileye's stock price, which fell by $9.75 per share, or 24%, closing at $29.97 on the same day, accompanied by unusually high trading volume.
Shareholders of Mobileye who have incurred losses may be eligible for compensation through a class action lawsuit being prepared by The Rosen Law Firm. The firm is actively seeking participants for the prospective class action and has not disclosed any out-of-pocket fees or costs for joining the lawsuit, as it operates on a contingency fee basis.
The Rosen Law Firm has a history of engaging in securities class actions and shareholder derivative litigation and has achieved significant settlements for investors, including the largest ever securities class action settlement against a Chinese Company. The firm's track record and peer recognition, including a number one ranking by ISS Securities Class Action Services for the number of settlements in 2017, positions it as a notable player in the field of investor rights law.
Investors in Mobileye securities who wish to learn more about the class action or join the lawsuit are encouraged to contact The Rosen Law Firm for further information. This announcement is based on a press release statement and does not serve as an endorsement of the firm's services or a prediction of the lawsuit's outcome.
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