Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Vicor Corporation (VICR)
/EIN News/ -- NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired Vicor Corporation (“Vicor” or the “Company”) (NASDAQ: VICR) securities between April 26, 2023 and February 22, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint in the lawsuit alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that Defendants created the false impression that: (i) their differentiated technology for high power applications would ramp up a customer base for their advanced products in AI; and (ii) they would have increased opportunities from its lateral and lateral/vertical PDN solutions; but that neither was true. The Complaint alleges that as a result, the Company’s public statements were materially false and misleading at all relevant times.
The Complaint further alleges that the truth emerged on February 22, 2024. Vicor issued a press release announcing financial results for the fourth quarter and year ended 2023, where Vicor missed analyst expectations for the fourth quarter 2023. According to the Complaint, an analyst at Craig-Hallum lowered its price target on Vicor’s lack of visibility reporting that “Vicor’s large 4Q miss, complete lack of forward guidance that implies a much lower outlook for some time…”.
The Complaint further alleges that as a result, investors and analysts reacted immediately to Vicor’s revelation. The price of Vicor’s common stock declined dramatically. From a closing market price of $46.84 per share on February 22, 2024, to $35.87 per share on February 23, 2024.
Investors who purchased or otherwise acquired shares of Vicor should contact the Firm prior to the September 23, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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