An Aehr Test Systems Inc. investor dropped claims that the semiconductor test supplier and two top executives misled shareholders about its projected 2024 revenue growth before a 22% stock selloff.
Lead plaintiff Yue Guo notified the US District Court for the Northern District of California May 16 that he is voluntarily dismissing the allegations, but left the ability to refile. The proposed class action alleged that Aehr said in October 2023 that its 2024 fiscal year revenue would surpass $100 million, but in January 2024 the company and executives misleadingly downplayed reducing that projection and touted its visibility into customer ...
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