Mobileye Global, Inc. (NASDAQ: MBLY)

This lawsuit is for anyone who acquired securities in Mobileye Global, Inc. (NASDAQ: MBLY) from January 26, 2023 through January 3, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by stuffing its channels of distribution for the purpose of artificially inflating Company revenue.

On January 4, 2023, before the market opened, Mobileye released preliminary financial results for its full year 2023, reporting a build-up of excess inventory “due to supply chain constraints in 2021 and 2022 and a desire to avoid part shortages” and “lower than-expected production” at certain manufacturers. Additionally, the Company provided a preliminary financial outlook for 2024, disclosing that revenue for the first quarter of 2024 is expected to be down about 50% from $458 million generated a year earlier. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Mobileye Global, Inc. (NASDAQ: MBLY) from January 26, 2023 through January 3, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.