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Published January 29, 2025
Investors’ hopes went dim after solar power company Nextracker revealed its business was slowing down. This slowdown stunned investors because Nextracker executives had been adamant the business was doing great. Shocked shareholders dumped their stock, sending share prices tumbling 15%. Now, some of those investors are taking legal action against the Company.
Throughout 2024, the solar power industry experienced delays and slowdowns for various reasons. Nonetheless, Nextracker was adamant its business wasn’t slowing down and consistently reported record revenues and profits. The lawsuit alleges Nexttracker executives knew those claims weren’t true.
In October 2024, the Company shocked investors and analysts when it admitted it was experiencing the same slowdowns as the rest of the industry. After Nextracker reported decreased revenues and profits, shareholders raced for the exit. The news sent Nextracker’s stock price down 15%.
Some of those angry investors are now joining the lawsuit.