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Faruqi & Faruqi, LLP Securities Litigation Partners James (Josh) Wilson It encourages investors who have lost more than $50,000 through Aehr to contact him directly to discuss their options.
If you have a loss of more than $50,000 in Aehr between 9 January 2024 and 24 March 2024 and you would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live to 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York–(Newsfile Corp. – January 19, 2025) – Faruqi & Faruqi, LLP, a leading national security law firm, is investigating potential claims against Aehr Test Systems, Inc. (“Aehr” or the “Company”) (NASDAQ: AEHR) and reminds investors of February 3, 2025 deadline seeking the role of lead plaintiff in a federal class action against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The firm has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As described below, the complaint alleges that the Company and its directors violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) contrary to earlier statements to investors, Aehr continues to experience significant delays. with customer orders; (2) the above matter could have a negative impact on the Company’s revenue growth; (3) as a result, the Company’s business and/or financial expectations were overstated; and (4) as a result, the Company’s public statements were false and misleading at all relevant times.
In October 2023, Aehr provided guidance for its financial results for the full year 2024. Specifically, the Company stated that it expects “total revenue to be at least $100 million, representing growth of more than 50% year over year(.)”
On January 9, 2024, Aehr reduced its 2024 revenue estimates from $100 million to $75-$85 million, citing “the timing of new orders from current customers and new ones that will affect this financial year’s revenue.” However, the company’s Chief Executive Officer Gayn Erickson was quick to downplay the significance of the updated forecast on an earnings call the same day, saying the company “has taken a cautious stance in the hope that “There’s no way we’re going to miss it. It’s the low end, but I see levels where we could be higher ($75-$85 million),” and advised investors and analysts. that. The company had an “excellent outlook” based on the trends of its customers.
Then, on March 25, 2024, Aehr announced the first financial results for Q3 2024. Among other things, the Company revealed that its Q3 revenue is estimated at 7.6 billion, while compared to the agreement of 14.32 million dollars, which refers to the delay of orders for the management of semiconductor devices used in electric vehicles that have formed for a short time. income gap and profit. In addition, Aehr also reduced its revenue estimates for 2024, saying that it now expects revenues of at least $65 million against the consensus of $77.43 million.
In this news, the price of Aehr decreased by $ 3.29 per share, or 22.44%, to close at $ 11.37 per share on March 25, 2024.
The lead plaintiff appointed by the court is the investor with the greatest financial interest in the relief sought by a reasonable and common class of class members conducting and overseeing the case on behalf of the putative class. Any member of the arbitration panel may have the Court act as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent panel member. Your ability to participate in any recovery is not affected by the decision to serve as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Aehr’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Advertising Attorney. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Preliminary results do not guarantee or predict the same result with respect to any future issue. We welcome the opportunity to discuss your matter. All communications will be held confidentially.
To view the source version of this release, please visit https://www.newsfilecorp.com/release/237448
