Class Action Filed Against STMicroelectronics N.V. (STM) - October 22, 2024 Deadline to Join

Core Viewpoint - STMicroelectronics N.V. is facing a class action lawsuit due to significant downward revisions in its financial projections, which have led to a notable decline in its stock price [1][2]. Financial Performance - For the second quarter ending June 29, 2024, STMicroelectronics reported a revenue of $3.23 billion, reflecting a year-over-year decline of 25.3% [2]. - The company has revised its total revenue forecast for 2024 to a range of $13.2 billion to $13.7 billion, down from a previous estimate of $14 billion to $15 billion [2]. - Earlier projections made during the fourth-quarter 2023 earnings call estimated 2024 revenues to be between $15.9 billion and $16.9 billion [2]. - Net sales to Original Equipment Manufacturers (OEMs) decreased by 14.9%, while sales through distribution channels fell by 43.7% year-over-year [2]. Legal Proceedings - Shareholders who purchased shares of STMicroelectronics between January 25, 2024, and July 24, 2024, are encouraged to register for the class action lawsuit [1][3]. - The deadline for shareholders to seek lead plaintiff status is October 22, 2024 [3]. - Participation in the case does not incur any cost or obligation for shareholders [3]. Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud [4]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who have suffered losses due to misleading statements or omissions [4].