Nextpower Inc. and top executives defeated investor allegations that the solar technology company downplayed the effects of project delays on earnings in 2024.
The investors failed to sufficiently allege executives’ statements about financial results or the company’s resiliency were false or misleading, Judge P. Casey Pitts said, dismissing their proposed class complaint Monday.
CEO Dan Shugar and President Howard Wenger’s “optimistic statements” in May 2024 about past financial results didn’t create a false impression of Nextpower’s then-current position, the US District Court for the Northern District of California judge said.
The investors alleged executives knew, or recklessly disregarded at that ...
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