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DiCello Levitt LLP Announces Investor Class Action Against Mobileye and Upcoming Lead Plaintiff Deadline

23 January 2024

SAN DIEGO, Jan. 23, 2024 /PRNewswire/ -- DiCello Levitt LLP announces that purchasers or acquirers of Mobileye Global Inc. ("Mobileye" or the "Company" – NASDAQ:MBLY) securities between January 26, 2023 and January 3, 2024, inclusive (the "Class Period") have until March 18, 2024, to seek appointment as lead plaintiff of the Mobileye class action lawsuit.  The lawsuit charges Mobileye and certain of its current and former senior executive officers with violations of the Securities Exchange Act of 1934.

If you purchased shares of Mobileye securities between January 26, 2023 and January 3, 2024, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your information here: https://dicellolevitt.com/securities/mobileye/.  You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at This email address is being protected from spambots. You need JavaScript enabled to view it..

No Class Has Been Certified.  Until a class is certified, you are not represented by counsel unless you retain one.  You may select counsel of your choice.  You may also remain an absent class member and do nothing at this point.  An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Allegations

Mobileye is a technology company engaged in the development and deployment of advanced driver assistance systems ("ADAS") and autonomous driving software and hardware products.  The majority of the Company's revenue is derived from the sale of EyeQ System-on-Chip ("SoCs"), a computer chip used for driver-assistance and partial autonomous driving.

On January 26, 2023, the beginning of the Class Period, Mobileye issued a press release announcing its fourth quarter and full year 2022 results, highlighting its purported strong financial performance and its expected strong performance for 2023.  Thereafter, and throughout the Class Period, Mobileye also assured investors that management is monitoring inventory levels on an ongoing basis to mitigate any supply chain constraints.

On January 4, 2024, before the market opened, Mobileye issued a press release disclosing that it had "become aware" of a build-up of excess inventory including an estimated 6-7 million units of EyeQ® SoCs held by customers.  The Company stated this was a result of "supply chain constraints in 2021 and 2022 and a desire to avoid part shortages" and "lower than-expected production at certain OEM's during 2023."  Mobileye then disclosed "the lower-than-expected volumes in the EyeQ® SoC business will have a temporary impact on our profitability."  The Company also provided a preliminary financial outlook for 2024, in which it stated it "expect[s] Q1 revenue to be down approximately 50%, as compared to the $458 million revenue generated in the first quarter of 2023."

On this news, Mobileye's stock price fell $9.75 per share, or 24%, to close at $29.97 per share on January 4, 2024.

About DiCello Levitt

At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation.  Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens' rights and interests.  Every day, we put our reputations – and our capital – on the line for our clients.

DiCello Levitt has achieved top recognition as 2023 Plaintiffs Firm of the Year and 2023 Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings.  The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation.  For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.

Attorney Advertising.  Prior results do not guarantee a similar outcome.

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