A securities class action has been filed against Nextracker Inc. (NXT) on behalf of purchasers of Nextracker common stock between February 1, 2024 through August 1, 2024. This case has been filed in the USDC – NDCA.
Nextracker is a supplier of software solutions and products that enable solar panels to follow the sun’s movements across the sky to optimize utility power plant performance. In February 2023 Nextracker completed its initial public offering (“IPO”), spinning off from Flex Ltd. (“Flex”), an international electronics manufacturing services (“EMS”) and original design manufacturer (“ODM”). In January 2024, Nextracker announced that Flex had completed the spin-off and sale of its remaining interests in the Company.
The complaint alleges that during the Class Period, as detailed herein, defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of Nextracker common stock and operated as a fraud or deceit on Class Period purchasers of Nextracker common stock by failing to disclose and misrepresenting the adverse facts. Defendants’ false and misleading statements had the intended effect and caused Nextracker common stock to trade at artificially inflated levels throughout the Class Period, trading as high as $62.31 per share on June 13, 2024. When defendants’ prior misrepresentations and fraudulent conduct were disclosed and became apparent to the market, the price of Nextracker common stock declined significantly as the prior artificial inflation came out of the stock’s price.