STM Class Action Alert: Robbins LLP Reminds Stockholders of the Lead Plaintiff Deadline in the Class Action Against STMicroelectronics N.V.

Core Viewpoint - A class action lawsuit has been filed against STMicroelectronics N.V. for allegedly misleading investors about its business prospects during the first half of 2024 [1][2]. Group 1: Allegations and Financial Performance - The lawsuit claims that STMicroelectronics failed to disclose a decline in demand in its automotive and industrial sectors, contrary to previous statements [2]. - As a result of the declining demand, the company's revenues and gross margins also continued to decline during this period [2]. - On July 25, 2024, STMicroelectronics announced Q2 2024 results, revising its FY 2024 revenue projections down to a range of $13.2 billion to $13.7 billion, a reduction from the previously revised forecast of $14 billion to $15 billion [3]. - The gross margin was also revised down to "about 40%," from the previously revised forecast of "in the low 40's" [3]. - Q2 revenue experienced a 25.3% decline year-over-year, amounting to $3.23 billion, with net sales to OEMs and through distribution channels decreasing by 14.9% and 43.7%, respectively, year-over-year [3]. Group 2: Market Reaction - Following the announcement of the negative financial results, STMicroelectronics' share price fell by $6.07 per share, or 15.35%, closing at $33.47 per share on July 25, 2024 [3]. Group 3: Legal Proceedings - Shareholders interested in participating in the class action must submit their application to the court by October 22, 2024 [4]. - A lead plaintiff will represent other class members in directing the litigation, but participation is not required to be eligible for recovery [4]. Group 4: Company Background - STMicroelectronics designs, develops, manufactures, and sells semiconductor products across various regions, including Europe, the Middle East, Africa, the Americas, and the Asia Pacific [1].