Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Mobileye Global Inc. (“Mobileye”) (NASDAQ: MBLY) securities between January 26, 2023 and January 3, 2024, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to that: (1) to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, Mobileye’s Tier 1 customers had purchased inventory in excess of demand during fiscal 2023; (2) which resulted in Mobileye’s customers having excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs; (3) due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting Mobileye’s fiscal 2024 financial results; and (4) as a result of the foregoing, Defendant’s positive statements about Mobileye’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On April 16, 2025, the Court granted Defendants’ Motion to Dismiss. On May 16, 2025, Plaintiffs filed a Notice of Appeal to the United States Court of Appeals for the Second Circuit. This action is on appeal and is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.