If you invested in Mobileye and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses »

CLASS PERIOD
01/26/2023 - 01/03/2024

LEAD PLAINTIFF DEADLINE
03/18/2024

RELATED DOCUMENTS
Complaint 01/16/24

STOCK SYMBOL
NASDAQ: MBLY

CONTACT
844-916-0895
MBLY@hbsslaw.com

The complaint alleges that Mobileye misrepresented and concealed that: (1) to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, its Tier 1 customers purchased inventory in excess of fiscal 2023 demand; (2) as a result, its customers had excess inventory, including approximately 6-7 million units of EyeQâ System-on-Chips systems (“EyeQâ SoCs”); and (3) due to the customers’ inventory build-up, there was a significant risk that they would buy less product during the company’s fiscal 2024, which would negatively impact its 2024 financial results.

The truth emerged on Jan. 4, 2024, when Mobileye revealed that its OEM customers have excess inventories totaling 6-7 million units of EyeQâ SoCs. The company also slashed 2024 expected EyeQâ shipments to 31-33 million units compared to 37 million units shipped in 2023 (representing a 10%-16% year-over-year reduction) and said it expects Q1 2024 revenue to be down 50% compared to the prior year quarter.

This news sent the price of Mobileye shares crashing $9.75 (or nearly 25%) lower on Jan. 4, 2024.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the MBLY securities class-action case about?

The complaint alleges that Mobileye misrepresented and concealed that: (1) to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, its Tier 1 customers purchased inventory in excess of fiscal 2023 demand; (2) as a result, its customers had excess inventory, including approximately 6-7 million units of EyeQâ System-on-Chips systems (“EyeQâ SoCs”); and (3) due to the customers’ inventory build-up, there was a significant risk that they would buy less product during the company’s fiscal 2024, which would negatively impact its 2024 financial results.

WHAT SHOULD I DO?

I worked at MBLY. What should I do?

If you were an employee of MBLY during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or MBLY@hbsslaw.com.

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICPATE?

Am I affected? What do I need to do to participate?

If you were an investor in MBLY during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any MBLY investor participate?

In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This class-action only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.

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