Nextracker (NXT) Prnewswire·2025-02-21 10:45Core Viewpoint - A class action securities lawsuit has been filed against Nextracker Inc. alleging 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 misrepresented the severity of project delays affecting its 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 company purportedly failed to offset the negative impacts of project delays through increased client demand and the ability to expedite other projects as claimed [2]. - Nextracker is accused of lacking the competitive advantages that were said to protect it from industry-wide challenges [2]. - As a result of these issues, the defendants allegedly had no reasonable basis for their positive statements regarding Nextracker's business and financial outlook [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 [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [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 as a leading securities litigation firm in the U.S. [4].