LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that 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”). Aehr investors have until February 3, 2025 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Aehr securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
