ChargePoint Holdings Faces Class Action Lawsuit for Alleged Securities Violations

Investors Urged to File Lead Plaintiff Applications by January 29, 2024 Amid Falling Revenues and Executive Changes

ChargePoint Holdings, Inc. is facing a securities class action lawsuit for allegedly failing to disclose material information, violating federal securities laws.
Investors who purchased the company's securities between June 1, 2023 and November 16, 2023 are reminded of the deadline to file lead plaintiff applications, which is January 29, 2024.
The lawsuit alleges that ChargePoint was experiencing higher component costs and supply overruns for first generation DC charging products, and was likely to incur impairment charges.
ChargePoint's preliminary financial results for 3Q 2024 disclosed that revenue had fallen to $108 million to $113 million, as compared to $150 to $165 million as previously expected.
Both the CEO and CFO of ChargePoint were replaced, effective immediately, following the announcement of the financial results.