Solar Tracking Firm Sued by Investor Over Delays, Stock Drop (1)

Solar panel software developer Nextracker Inc. downplayed financial worries over stalled projects, leading to a stock decline when executives revealed delays would be a prolonged issue, a proposed class action says.

Nextracker spun off from another company and had its initial public offering in 2023. Ahead of its IPO, Nextracker saw significant growth in part due to the 2022 Inflation Reduction Act, which offers a tax credit to US clean energy manufacturers, said the lawsuit filed by Mariel Weber in the US District Court for the Northern District of California on Dec. 27.

For its fiscal year ending in ...