Have you lost money on SolarEdge Technologies investments? If so, please visit SolarEdge Technologies, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, Nov. 22, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP , a nationally recognized investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit filed on behalf of investors who bought or acquired shares of SolarEdge Technologies, Inc. (“SolarEdge” or the “Company”) ( SEDG) between August 6, 2020 and October 19, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
SolarEdge provides solar power optimization and photovoltaic (“PV”) monitoring solutions for solar energy systems, offering optimizers, inverters, monitoring equipment, tools, and accessories for power harvesting, conversion, and efficiency while in service. to customers around the world. Two main components of SolarEdge’s solar energy system are its power optimizers and inverters. A power optimizer can be described as a direct current to direct current (“DC to DC”) converter technology developed to maximize the energy harvest from a solar PV system. The inverter, also called the “brain” of the solar energy system, converts the DC power (or “raw” energy) from the PV modules into alternating current (“AC”) power (or “usable” energy) that run. in a user’s home.
SolarEdge says that inverters are of “critical” importance because while inverters account for less than 10% of the system’s cost, these components handle 100% of the system’s production and are “critical for the long-term financial performance of a PV system because it can maximize energy production and reduce lifetime costs.” Since SolarEdge began commercial shipping of solar energy systems in 2010, more than 3.7 million inverters and 89 million power optimizers have been shipped worldwide.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class. Specifically, the Plaintiff alleges that the Defendants failed to disclose that: (i) the designs of the power optimizers, inverters, and components thereof used in the development of SolarEdge products may have been derived from, and misappropriated from of, Ampt LLC (“Ampt”), a competitor in the renewable energy industry; (ii) Ampt has made claims against the Company for misappropriation of Ampt’s patented technology, (iii) evidentiary support exists for allegations that SolarEdge misappropriated certain design-related patents and development of the Company’s power optimizers and inverters; (iv) as a result, SolarEdge faces the threat of regulatory and/or court action, which may prohibit the importation, marketing, and sale of its power optimizers and inverters, including solar energy systems consisting of such products, which in turn (v) ) seriously threaten SolarEdge’s ability to monetize its solar energy systems with power optimizers and inverters in the United States and generate revenue; and (vi) certain revenues generated from the sale of power optimizers and inverters may be based on SolarEdge’s unlawful activities, including the misuse of Ampt’s patented designs.
On July 28, 2022, the US International Trade Commission (“ITC”) agreed to review a patent infringement case filed by Ampt against SolarEdge on July 28, 2022. On August 29, 2022, it was revealed that the ITC voted the institute an investigation of SolarEdge. SolarEdge’s stock price fell approximately 1.4% to close at $279.46 on August 29, 2022.
On October 19, 2022, investors learned the gravity of the ITC’s investigation when Judge Connolly of the District Court of Delaware stayed the same proceeding filed against SolarEdge by Ampt and based on the same allegations, styled. Ampt, LLC v. SolarEdge Tech., Inc., no. 1:22-cv-00997 (D. Del.), which is pending investigation by the ITC. On this news, shares of SolarEdge stock fell $7.96 to close at $199.46 on October 19, 2022.
If you want to serve as the lead plaintiff, you need to move the Court before it’s too late January 3, 2023. The lead plaintiff is a representative party acting on behalf of other class members in the conduct of litigation. Your ability to share in any recovery does not require you to serve as the lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased SolarEdge shares, and/or you want to discuss your legal rights and options please visit SolarEdge Technologies, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered more than $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the nation’s largest public and private pension funds to monitor their assets and pursue litigation on their behalf. As a result of its success in litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and has been listed in The Legal 500 for ten consecutive years. that year.
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