Lifshitz Law PLLC Announces Investigations of Mobileye Global Inc. (NASDAQ: MBLY), Cummins Inc. (NYSE: CMI), QuidelOrtho Corporation (NASDAQ: QDEL), and The Chemours Company (NYSE:CC)
NEW YORK, NY / ACCESSWIRE / April 18, 2024 /
Mobileye Global Inc. (NASDAQ:MBLY)
Lifshitz Law PLLC announces investigation into possible securities laws violations and/or breaches of fiduciary duties in connection with allegations that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, the Company's Tier 1 customers had purchased inventory in excess of demand during fiscal 2023; (ii) as a result, the Company's customers had excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs; (iii) due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting the Company's fiscal 2024 financial results; and (iv) as a result of the foregoing, the Company's positive statements about its business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Lifshitz Law PLLC announces investigation into possible securities laws violations and/or breaches of fiduciary duties in connection with allegations that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) contrary to its post-April 2019 Announcement assurances about its commitment to compliance, Cummins continued to produce engines with unlawful emission defeating devices from 2019 to 2023; (ii) accordingly, Cummins understated its legal and regulatory risk, and overstated its commitment to environmental protection; and (iii) as a result, the Company's statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Lifshitz Law PLLC announces investigation into possible securities laws violations and/or breaches of fiduciary duties in connection with allegations that the Company made false and/or misleading statements and/or failed to disclose that: (i) during the Relevant Period, the Company material facts, about the performance and prospects of ADM's Nutrition segment and its accounting practices; (ii) the Company made positive statements about the Nutrition segment as a future profit-driver for the Company, with the ability to capitalize on healthier eating trends and rising consumer demand for natural ingredients and flavoring, and creating the impression that the Nutrition segment's growth would provide more diversification and earnings stability for ADM, however, the Nutrition segment's ostensibly impressive growth was inaccurate and subject to improper accounting practices; (iii) the Company downplayed the segment's eventual decline in 2023; and (iv) as a result of the foregoing, the Company's actions caused the price of ADM common stock to trade at artificially inflated levels during the Relevant Period.
Lifshitz Law PLLC announces investigation into possible securities laws violations and/or breaches of fiduciary duties in connection with allegations that the Company failed to disclose that: (i) certain of the Company's senior executive officers manipulated Free Cash Flow targets as a means to maximize additional cash and stock incentive compensation applicable to executive officers pursuant to the Company's AIPs and LTIPs; (ii) the Company's accounting practices and procedures, including its internal control over financial reporting, were deficient; and (iii) the Company's statements about its business, operations, and prospects lacked a reasonable basis.
ATTORNEY ADVERTISING. 2024 Lifshitz Law PLLC. The law firm responsible for this advertisement is Lifshitz Law PLLC, 1190 Broadway, Hewlett, New York 11557, Tel: (516) 493-9780. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact:
Joshua M. Lifshitz, Esq. Lifshitz Law PLLC Phone: 516-493-9780 Facsimile: 516-280-7376 Email: info@lifshitzlaw.com