Solar Software Leaders Sued Over Stalled Projects’ Stock Impact

NextrackerInc. leadership downplayed financial worries over stalled solar panel projects, leading to an investor’s proposed class action over a stock decline when executives revealed delays would be a prolonged issue, a shareholder derivative action says.

Ahead of its 2023 initial public offering, the solar panel software developer saw significant annual revenue growth in part due to the 2022 Inflation Reduction Act, which offered a tax credit to US clean energy manufacturers, said the complaint filed by stockholder Clifton Murie in the US District Court for the Northern District of California on Thursday. Nextracker primarily serves construction contractors and ...