MBLY CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Mobileye Global Inc.

LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned McAuliffe v. Mobileye Global Inc., et al., Case No. 1:24-cv-00310, on behalf of persons and entities that purchased or otherwise acquired Mobileye Global Inc. (“Mobileye” or the “Company”) (NASDAQ: MBLY) securities between January 26, 2023 and January 3, 2024, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).


Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.

If you suffered a loss on your Mobileye investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Mobileye-Global-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] or visit our website at www.glancylaw.com to learn more about your rights.

On January 4, 2024, before the market opened, Mobileye issued a press release disclosing that it had “become aware” of a build-up of excess inventory including an estimated 6-7 million units of EyeQ SoCs held by customers. The Company stated this was a result of “supply chain constraints in 2021 and 2022 and a desire to avoid part shortages” and “lower than-expected production at certain OEM’s during 2023.” The Company then disclosed “the lower-than-expected volumes in the EyeQ® SoC business will have a temporary impact on our profitability[.]” The Company also provided a preliminary financial outlook for 2024, in which it stated it “expect[s] Q1 revenue to be down approximately 50%, as compared to the $458 million revenue generated in the first quarter of 2023.”

On this news, Mobileye’s stock price fell $9.75 per share, or 24.5%, to close at $29.97 per share on January 4, 2024, on unusually heavy trading volume.

The complaint filed in this class action 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 investors that: (1) that, to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, the Company’s Tier 1 customers had purchased inventory in excess of demand during fiscal 2023; (2) that, as a result, the Company’s customers had excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs; (3) that, 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; and (4) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired Mobileye securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay & Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 or 888-773-9224

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

www.glancylaw.com
[email protected]