{"id":37968,"date":"2023-12-21T04:32:06","date_gmt":"2023-12-21T04:32:06","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/chargepoint-alert-bragar-eagel-squire-p-c-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-chargepoint-holdings-inc-and-encourages-investors-to-contact-the-firm\/"},"modified":"2023-12-21T04:32:06","modified_gmt":"2023-12-21T04:32:06","slug":"chargepoint-alert-bragar-eagel-squire-p-c-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-chargepoint-holdings-inc-and-encourages-investors-to-contact-the-firm","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/chargepoint-alert-bragar-eagel-squire-p-c-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-chargepoint-holdings-inc-and-encourages-investors-to-contact-the-firm\/","title":{"rendered":"CHARGEPOINT ALERT: Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against ChargePoint Holdings Inc. and Encourages Investors to Contact the Firm"},"content":{"rendered":"
\n

NEW YORK, Dec. 20, 2023 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against ChargePoint Holdings Inc. (\u201cChargePoint\u201d or the \u201cCompany\u201d) (NYSE: CHPT) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired ChargePoint securities between June 1, 2023 and November 16, 2023, both dates inclusive (the \u201cClass Period\u201d). Investors have until January 29, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.<\/p>\n

Click here<\/a> to participate in the action.<\/p>\n

On September 6, 2023, after the market closed, ChargePoint reported its second quarter fiscal year 2024 financial results, including an \u201c$28.0 million, or 19 percentage point, inventory impairment charge.\u201d The Company stated the \u201cinventory impairment charge was taken to address legacy supply chain-related costs and supply overruns on a particular DC product.\u201d As a result, the Company reported a second quarter GAAP gross margin of 1%, down from 17% in the prior year\u2019s same quarter.<\/p>\n

On this news, the Company\u2019s share price fell $0.77, or 11%, to close at $6.29 per share on September 7, 2023, on unusually heavy trading volume.<\/p>\n

Then, on November 16, 2023, after the market closed, ChargePoint released preliminary financial results for the third quarter of fiscal year 2024, which would include an \u201cadditional non-cash inventory impairment charge\u201d in the amount of $42 million \u201crelated to product transitions and to better align inventory with current demand.\u201d As a result, the Company expected to report \u201cGAAP gross margin of negative 23% to negative 21%.\u201d The Company also reported revenue had fallen to \u201c$108 million to $113 million, as compared to $150 to $165 million as previously expected.\u201d Moreover, ChargePoint\u2019s Chief Executive Officer and Chief Financial Officer were both replaced, effective immediately.<\/p>\n

On this news, the Company\u2019s share price fell $1.11, or 35%, to close at $2.02 per share on November 17, 2023, on unusually heavy trading volume.<\/p>\n

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\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Company was experiencing higher component costs and supply overruns for first generation DC charging products; (2) that, as a result, the Company was likely to incur impairment charges; (3) that, as a result of the foregoing, the Company\u2019s profitability would be adversely impacted; and (4) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n

If you purchased or otherwise acquired ChargePoint shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com<\/a>, telephone at (212) 355-4648, or by filling out this contact form<\/a>. There is no cost or obligation to you.<\/p>\n

About Bragar Eagel & Squire, P.C.:<\/strong><\/p>\n

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com<\/u><\/a>. Attorney advertising. Prior results do not guarantee similar outcomes.<\/p>\n

Contact Information:<\/strong><\/p>\n

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com<\/a>
<\/a><\/u>www.bespc.com<\/u><\/a><\/p>\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, Dec. 20, 2023 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against ChargePoint Holdings Inc. (\u201cChargePoint\u201d or the \u201cCompany\u201d) (NYSE: CHPT) in the United States District Court for the Northern District of California on behalf of […]<\/p>\n","protected":false},"author":2,"featured_media":37969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/ml.globenewswire.com\/Resource\/Download\/29481954-f2ff-4756-b5a9-d982a6497bd0","fifu_image_alt":"","footnotes":""},"categories":[208],"tags":[],"class_list":["post-37968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-globenewswire"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t