LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming February 3, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Aehr Test Systems, Inc. (“Aehr” or the “Company”) (NASDAQ: AEHR) securities between January 9, 2024 and March 24, 2024, inclusive (the “Class Period”).
If you suffered a loss on your Aehr investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Aehr-Test-Systems-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On March 25, 2024, Aehr released its preliminary third quarter fiscal 2024 financial results, revealing that the Company expected revenue to be approximately $7.6 million, significantly missing consensus estimates of $14.3 million, citing delays in wafer level burn-in system orders for semiconductor devices used in electric vehicles that created a short-term gap in revenue and profitability. Further, the Company lowered its 2024 revenue forecast by approximately $15 million.
On this news, Aehr’s stock price fell $3.29, or 22.4%, to close at $11.37 per share on March 25, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) contrary to prior representations to investors, Aehr was continuing to experience substantial delays in customer orders; (2) the foregoing issue was likely to have a material negative impact on the Company’s revenue growth; (3) accordingly, the Company’s business and/or financial prospects were overstated; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Aehr securities during the Class Period, you may move the Court no later than February 3, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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