Mobileye Global Inc. Faces Class Action Lawsuit Over Alleged Securities Fraud

Investors claim excess inventory buildup could negatively impact company's 2024 financial results.

Mobileye Global Inc. is facing a class action lawsuit due to alleged securities fraud between January 16, 2023 and January 3, 2024.
The lawsuit alleges that Mobileye's Tier 1 customers had purchased inventory in excess of demand during fiscal 2023, leading to excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs.
Due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting the Company's fiscal 2024 financial results.
The lawsuit also alleges that Mobileye's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Investors who suffered a loss in Mobileye Global during the relevant time frame have until March 18, 2024 to request that the Court appoint them as lead plaintiff.