Investigation Launched into STMicroelectronics Following Revenue Decline
- Pomerantz LLP is conducting an investigation on behalf of investors in STMicroelectronics N.V. concerning potential claims.
- This investigation may relate to concerns over the company's operations or financial disclosures.
- Investors are encouraged to seek information regarding their rights and any potential impacts on their investments.
NEW YORK, July 26, 2024 (GLOBE NEWSWIRE) – Pomerantz LLP has initiated an investigation on behalf of investors in STMicroelectronics N.V. (NYSE: STM) after the company announced significant downward revisions to its revenue and margin projections for 2024. Investors are encouraged to reach out to Danielle Peyton for further information regarding potential claims. On July 25, 2024, STMicroelectronics released its second quarter results, revealing a projected revenue range of $13.2 billion to $13.7 billion for the year, a stark decrease from the previous estimate of $14 billion to $15 billion. This marks the second time this fiscal year that the company has adjusted its forecasts downward. Earlier in January, during its fourth quarter earnings call, ST had anticipated revenues between $15.9 billion and $16.9 billion for 2024. The company’s second quarter revenue also reflected a troubling trend, with a year-over-year decline of 25.3%, totaling $3.23 billion. Sales to original equipment manufacturers and through distribution channels fell by 14.9% and 43.7%, respectively. Following the announcement, STMicroelectronics’ stock plummeted by $6.07 per share, or 15.35%, closing at $33.47 on July 25. Pomerantz LLP, a leading firm in corporate and securities litigation, has a long-standing history of advocating for investors affected by corporate misconduct. Founded by Abraham L. Pomerantz, the firm continues to uphold his legacy in fighting for the rights of those impacted by securities fraud.