Nextracker (NXT) Prnewswire·2025-02-14 10:45Core Viewpoint - Nextracker Inc. is facing a class action securities lawsuit due to alleged securities fraud that negatively impacted investors between February 1, 2024, and August 1, 2024 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that Nextracker's management made false statements regarding the severity of project delays affecting the company's business and financial results [2]. - It is alleged that permitting and interconnection delays significantly impaired Nextracker's ability to convert backlog into revenue at historical rates [2]. - The complaint states that Nextracker could not offset the negative impacts of project delays through increased client demand or by pulling forward other projects as claimed [2]. - The company purportedly lacked the competitive advantages that were said to protect it from industry-wide challenges, undermining the positive statements made by management [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until February 25, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require this role [3]. - Class members may be entitled to compensation without incurring any out-of-pocket costs or fees, indicating a no-cost participation model [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions for shareholders over the past 20 years [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, highlighting its expertise in complex securities cases [4].