NEW YORK, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for investors, has filed a federal securities class action in the United States District Court Southern District of New York on behalf of its client and all similarly situated investors who purchased or otherwise acquired securities of SolarEdge Technologies Inc. ("SolarEdge" or the "Company") (NASDAQ:SEDG) from August 6, 2020 to October 19, 2022, inclusive (the "Class Period"). The class action alleges violations of the federal securities laws.
SolarEdge is a Delaware company and has its principle executive offices in Milpitas, California. SolarEdge provides solar power optimization and photovoltaic monitoring solutions for solar energy systems, offering optimizers, inverters, monitoring equipment, tools, and accessories for power harvesting, conversion, and efficiency while serving customers worldwide.
On August 29, 2022, the United States International Trade Commission ("ITC") issued a press release informing that it voted to institute an investigation of SolarEdge in response to a complaint filed by Ampt LLC ("Ampt"), a competitor of SolarEdge, alleging that SolarEdge's (i) power optimizers for solar power systems, (ii) inverters for solar power systems, and (iii) components thereof infringed on one or more of Ampt's patents.
This news caused a precipitous and immediate decline in the price of SolarEdge shares, resulting in SolarEdge's stock price to close at $279.46 on August 29, 2022.
SolarEdge attempted to assuage investors' concerns by downplaying the meritoriousness of Ampt's allegations, stating that SolarEdge and Ampt "ha[s] been litigating a dispute involving a patent family filed by SolarEdge and a patent family filed by Ampt before the United States Patent and Trademark Office [("USPTO")] for many years," and that "it appears that having lost before the USPTO, Ampt is now shopping around its claims to other courts." SolarEdge then added that the Company "anticipates a vigorous defense" of these new cases.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company's business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and failed to disclose to investors that: (i) the designs of the power optimizers, inverters, and components thereof used to develop SolarEdge's products potentially originated with and were misappropriated from Ampt; (ii) Ampt made claims against the Company for misappropriating Ampt's patented technology, (iii) evidentiary support existed for the allegations that SolarEdge misappropriated certain patents relating to the design and development of the Company's power optimizers and inverters; (iv) as a result, SolarEdge faced a threat of regulatory and/or court action, which could prohibit the import, marketing, and sale of its power optimizers and inverters, including solar energy systems that contain such products; which in turn (v) seriously threatened SolarEdge's ability to monetize on their solar energy systems that contain the power optimizers and inverters in the United States and generate revenue; and (vi) certain revenues generated from the sale of power optimizers and inverters were potentially based on SolarEdge's unlawful activities, including the misappropriation of patented designs by Ampt.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than January 3, 2023. Any member of the proposed Class may move to serve as the Lead Plaintiff through counsel of their choice.
If you have suffered a loss from investment in SolarEdge's common stock from August 6, 2020 to October 19, 2022, you may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff, by contacting Andrea Farah at afarah@lowey.com or Alesandra Greco at agreco@lowey.com, or by calling 914-733-7256. The class action is titled Allan Reford v. SolarEdge Technologies Inc. et al., No. 22-cv-9423 (S.D.N.Y.).
Contact
Andrea Farah
Alesandra Greco
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7272
Email: agreco@lowey.com
