SolarEdge Technologies Class Action Lawsuit
What Is The SolarEdge Technologies Lawsuit About?
The SolarEdge Technologies Class Action Lawsuit (NASDAQ:SEDG) (SolarEdge Technologies Class Action Lawsuit) was filed when after the market closed on October 19, 2022, investors learned the gravity of the ITC’s investigation when Judge Connolly in the District Court of Delaware stayed a parallel proceeding filed against SolarEdge by Ampt and based on substantially similar allegations, styled Ampt, LLC v. SolarEdge Tech., Inc., No. 1:22-cv-00997 (D. Del.) (“Delaware Proceeding”) pending the ITC’s investigation.
Is There A SolarEdge Technologies Class Action Lawsuit?
The investing public learned of this alleged patent infringement on July 28, 2022 when the U.S. International Trade Commission (“ITC”) agreed to review a patent infringement case filed by Ampt against SolarEdge on July 28, 2022.
The news of the ITC’s vote to institute an investigation of SolarEdge on August 29, 2022 caused a precipitous and immediate decline in the price of SolarEdge shares.
While SolarEdge’s stock price opened at $284.23 on August 29, 2022, the news of ITC’s vote resulted in SolarEdge’s stock price to fall approximately 1.4% to close at $279.46 on August 29, 2022. This news caused SolarEdge to lose market capitalization of $265 million on August 29, 2022.
But the bad news were far from over. On October 19, 2022, investors learned the gravity of the ITC’s investigation when Judge Connolly in the District Court of Delaware stayed a parallel proceeding filed against SolarEdge by Ampt and based on substantially similar allegations, styled Ampt, LLC v. SolarEdge Tech., Inc., No. 1:22-cv-00997 (D. Del.) (“Delaware Proceeding”) pending the ITC’s investigation. On this news, shares of SolarEdge stock fell 2.3% to close at $199.46 on October 19, 2022.
Is There A Deadline For The SEDG Lawsuit?
How Much Did Shareholders Lose In SEDG Stock?
Shareholders who held SolarEdge Technologies securities saw stock price to fall approximately 1.4% to close at $279.46 on August 29, 2022. This news caused SolarEdge to lose market capitalization of $265 million on August 29, 2022.
In addition, stock fell 2.3% to close at $199.46 on October 19, 2022.
What Is The SolarEdge Technologies Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a SEDG class action lawsuit (SolarEdge Technologies Class Action Lawsuit) has been filed on behalf of investors who purchased SolarEdge Technologies Class Action Lawsuit (SEDG) securities between August 6 , 2022 – October 19, 2022, inclusive. For more on the SEDG Lawsuit please contact us today.
According to the SolarEdge Technologies lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(i) the designs of the power optimizers, inverters, and components thereof used to develop SolarEdge’s products potentially originated with and were misappropriated from Ampt LLC (“Ampt”), a competitor in the renewable energy industry;
(ii) Ampt made claims against the Company for misappropriating Ampt’s patented technology,
(iii) evidentiary support existed for the allegations that SolarEdge misappropriated certain patents relating to the design and development of the Company’s power optimizers and inverters;
(iv) as a result, SolarEdge faced a threat of regulatory and/or court action, which could prohibit the import, marketing, and sale of its power optimizers and inverters, including solar energy systems that contain such products; which in turn
(v) seriously threatened SolarEdge’s ability to monetize on their solar energy systems that contain the power optimizers and inverters in the United States and generate revenue; and
(vi) certain revenues generated from the sale of power optimizers and inverters were potentially based on SolarEdge’s unlawful activities, including the misappropriation of patented designs by Ampt.
If you suffered a loss in SEDG, you have until January 3, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired SEDG securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The SEDG class-action lawsuit is directed by the lead plaintiff. To litigate the SolarEdge Technologies Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the SEDG Class Action Lawsuit.
What Does SEDG Do?
SolarEdge Technologies, Inc., together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It operates through five segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines.
The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations; and a cloud-based monitoring platform that collects and processes information from the power optimizers and inverters, as well as monitors and manages the solar PV system.
It also provides residential, commercial, and large scale PV, energy storage and backup, electric vehicle charging, and home energy management solutions, as well as grid services; and e-Mobility, automation machines, lithium-ion cells and battery packs, and uninterrupted power supply solutions, as well as virtual power plants, which helps to manage the load on the grid and grid stability.
In addition, the company offers pre-sales support, ongoing trainings, and technical support and after installation services.
The company sells its products to the providers of solar PV systems; and solar installers and distributors, electrical equipment wholesalers, and PV module manufacturers, as well as engineering, procurement, and construction firms.
SolarEdge Technologies, Inc. was founded in 2006 and is headquartered in Herzliya, Israel.
Deadline of Submission is Until January 3, 2023
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