Pomerantz LLP’s Post

Pomerantz was appointed Lead Counsel in a proposed securities class action against STMicroelectronics N.V., a global semiconductor company that manufactures a broad range of electronic products. The case alleges STM misled investors by assuring them that 2024 revenue would meet expectations, despite lacking a clear understanding of market conditions and inaccurately assessing recovery in the industrial and automotive sectors. The truth emerged on July 25, 2024, when STM revealed disappointing second-quarter results and lowered its 2024 revenue forecast due to weak industrial orders and declining automotive demand. Following this news, STM's stock plummeted by 15.3%, causing substantial investor losses. #SemiconductorIndustry #MarketTransparency #CorporateMisconduct #SecuritiesLitigation #ClassAction

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