NEW YORK, Aug. 09, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of those who acquired Vicor Corporation, Inc. (“Vicor” or the “Company”) (NASDAQ: VICR) securities during the period of April 26, 2023 and February 22, 2024, inclusive (“the Class Period”). Investors have until September 23, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On October 24, 2023, Vicor revealed that “[w]ith the reduction in backlog, including overdue backlog, we are more dependent on turns orders, and that results in less visibility to our near-term outlook” and that “our current expectation is that revenue, gross margin, and operating expenses will be approximately flat sequentially.” On this news, the price of Vicor shares declined by $14.14, or approximately 26.6%, from $53.19 on October 24, 2023, to close at $39.05 on October 25, 2023.
On February 22, 2024, Vicor announced their financial results for the fourth quarter that missed analyst expectations and signaled a sharp reversal in Vicor’s new contracts and sales. On this news, the price of Vicor shares declined by $10.97, or approximately 23.4%, from $46.84 per share on February 22, 2024, to close at $35.67 on February 23, 2024.
The lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that Vicor’s differentiated technology for high power applications would ramp up a customer base for Vicor’s advanced products in AI; (ii) defendants created the false impression that Vicor would have increased opportunities from its lateral and lateral/vertical Power Distribution Networks solutions; (iii) Vicor had not secured a significant deal with Nvidia for its H100 product; and (iv) Vicor’s backlog continued to remain weak and decreasing for the third quarter of 2023.
If you purchased or otherwise acquired Vicor securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
