SAN DIEGO, Nov. 28, 2022 (GLOBE NEWSWIRE) —
The Class: Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons who purchased or otherwise acquired common shares of SolarEdge Technologies, Inc. (NASDAQ: SEDG) stock between August 6, 2022 and October 19, 2022.
What Now: Similarly situated shareholders may be eligible to participate in the class action against SolarEdge. Shareholders who want to be appointed lead plaintiff for the class must file their papers by January 3, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
What is this Case About: SolarEdge Technologies, Inc. (SEDG) is Accused of Misappropriating its Patented Technology
According to the complaint, during the class period, defendants failed to disclose to investors that the designs of the power optimizers, inverters, and components thereof used to develop SolarEdge’s products potentially originated with and were misappropriated from Ampt LLC (“Ampt”), a competitor in the renewable energy industry. On July 28, 2022, Ampt filed a complaint in the U.S. District Court for the District of Delaware and with the U.S. International Trade Commission (“ITC”) making such allegations.
On August 29, 2022, the ITC issued a statement that it had voted to investigate the allegations made by Ampt. On this news, the price of SolarEdge shares declined 1.4% to close at $279.46 on August 29, 2022, causing SolarEdge to lose market capitalization of $265 million on August 29, 2022.
Then, on October 19, 2022, Judge Connolly stayed the parallel proceeding filed against SolarEdge by Ampt, indicating that the findings of the ITC will likely have a direct impact on the court proceedings. On this news, shares of SolarEdge stock fell 2.3% to close at $199.46 on October 19, 2022.
A ruling against SolarEdge could prohibit the import, marketing, and sale of its power optimizers and inverters, including solar energy systems that contain such products, which in turn seriously threaten SolarEdge’s ability to monetize on their solar energy systems that contain the power optimizers and inverters in the United States and generate revenue.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against SolarEdge Technologies, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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