Investors' claims against SolarEdge Technologies Inc. alleging misleading statements about European market success in 2022 and 2023 can move forward, a US judge ruled. The judge's decision, which partially dismissed the class-action lawsuit, was based on a confidential witness's testimony supporting claims of a demand slowdown. The plaintiffs successfully argued that company statements implying strong European demand were misleading, and that executives either knowingly made false claims or recklessly disregarded evidence of weak demand.
SolarEdge Technologies Inc. investors can proceed with more allegations in their proposed class action claiming the solar-panel parts company and top leaders misled them over European success in 2022 and 2023.
SolarEdge statements purporting “strong” European demand were plausibly misleading after the plaintiffs bolstered allegations with a confidential witness’s statement about a slowdown, Judge Gregory H. Woods said in a Sunday order partially dismissing the suit. They sufficiently pled that certain executives knew or recklessly disregarded information that demand was weak when making rosy statements, the US District Court for the Southern District of New York said in allowing ...
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