Overview

• ChargePoint Holdings, Inc. is facing a class action lawsuit for allegedly misrepresenting product demand and failing to disclose rising inventory costs.
• The company reported a fiscal third-quarter net loss of $158.2 million, a significant increase from the net loss of $84.5 million in the year-ago quarter.
• Revenue declined 12% to $110.3 million from $124.3 million a year ago, missing analyst expectations.
• ChargePoint's shares have dropped 78.5% this year, compared to the S&P 500 index that has increased nearly 20%.
• The company's CEO and CFO have both been replaced, effective immediately.