Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether Intel Corporation (“Intel”), as well as the leadership of Mobileye Global Inc. (“Mobileye”) (NASDAQ: MBLY), breached their fiduciary duties to Mobileye and its shareholders.
Scott+Scott is investigating whether Intel, as controlling stockholder of Mobileye, as well as members of the Mobileye board of directors or senior management, failed to manage Mobileye in an acceptable manner, or enriched themselves at Mobileye’s expense, in breach of their fiduciary duties to Mobileye, and whether Mobileye and its shareholders have suffered damages as a result.
On January 4, 2024, Mobileye announced that it had “become aware” of an accumulation of excess inventory with its customers, that “lower-than-expected volumes” in the EyeQ area of its business would temporarily affect profitability and lowered its revenue guidance for 2024 accordingly. On August 1, 2024, Mobileye announced it was further reducing its 2024 revenue guidance, with the channel stuffing issue as the cause. On this news, Mobileye stock fell to $16.28/share.
In June 2023, Intel, the controlling stockholder of Mobileye, sold 38.5 million shares of Mobileye at $42/share, getting over $1.6 billion in proceeds.
What You Can Do – CLICK HERE FOR YOUR OPTIONS AS A SHAREHOLDER
If you own shares of Mobileye, you may have legal claims against Intel, as well as Mobileye’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or jpettigrew@scott-scott.com.
About Us
Scott+Scott is an international law firm known for its expertise in representing corporate clients, institutional investors, businesses, and individuals harmed by anticompetitive conduct or other forms of wrongdoings, including securities law and shareholder violations.
With more than 100 attorneys in nine offices in the United States, as well as three offices in Europe, our advocacy has resulted in significant monetary settlements on behalf of our clients, along with other forms of relief.
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