NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Edison International (NYSE:EIX), Target Corp. (NYSE:TGT), Monolithic Power Systems, Inc. (NASDAQ: MPWR), and ICON Public Limited Company (NASDAQ: ICLR). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Edison International (NYSE:EIX)
Class Period: February 25, 2021 - February 6, 2025
Lead Plaintiff Deadline: April 14, 2025
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Edison's claim that Southern California Edison Company ("SCE") used its Public Safety Power Shutoffs ("PSPS") program to "proactively de-energize power lines to mitigate the risk of catastrophic wildfires during extreme weather events", was false; (2) this resulted in heightened fire risk in California and heightened legal exposure to the Company; and (3) as a result, Defendants' statements about Edison's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Edison class action go to: https://bespc.com/cases/EIX
Target Corp. (NYSE:TGT)
Class Period: March 9, 2022 - November 19, 2024
Lead Plaintiff Deadline: April 1, 2025
The Complaint alleges that the Defendants misled investors by making false and misleading statements about Target's Environmental, Social and Governance ("ESG") and Diversity, Equity, and Inclusion ("DEI") mandates that led to widespread customer boycotts following Target's 2023 LGBT-Pride campaign (the "2023 LGBT-Pride Campaign" or the "Campaign"). The Complaint continues to allege that negative effects of the Campaign on Target's business, including a subsequent campaign in 2024 (the "2024 Campaign"), led to a massive decline in Target's stock price, and specifically, the 2023 LGBT-Pride Campaign offended certain Target customers, provoking consumer backlash and boycotts that caused Target's sales to fall for the first time in six years. The Complaint also states that unbeknownst to investors, and contrary to Target's public statements, Target's Chief Executive Officer ("CEO") Brian C. Cornell ("Cornell") and its Board of Directors (the "Board") did not oversee or disclose the known risks of Target's 2023 LGBT-Pride Campaign and the 2024 Campaign.
For more information on the Target class action go to: https://bespc.com/cases/TGT
Monolithic Power Systems, Inc. (NASDAQ: MPWR)
Class Period: February 8, 2024 - November 8, 2024
Lead Plaintiff Deadline: April 7, 2025
Monolithic Power Systems is a provider of power management components used in electronic systems. Nvidia Corporation – the world’s leading supplier of GPUs – is Monolithic Power Systems’ largest customer.
The Monolithic Power Systems class action lawsuit alleges that defendants throughout the class period made false and/or misleading statements and/or failed to disclose that: (i) Monolithic Power Systems’ voltage regulator modules and power management integrated circuits were suffering from significant performance and quality control issues; (ii) these defects had, in turn, negatively impacted the performance of certain products offered by Nvidia in which such products were used; (iii) Monolithic Power Systems had failed to adequately address and resolve known issues affecting the performance of the power management solutions Monolithic Power Systems supplied to Nvidia; (iv) Monolithic Power Systems’ relationship with Nvidia had been irreparably damaged due to the significant performance and quality control problems affecting the products it supplied to Nvidia and Monolithic Power Systems’ failure to adequately address such issues; and (v) as a result of the above, Monolithic Power Systems was acutely exposed to material undisclosed risks of significant business, financial, and reputational harm.
On October 30, 2024, Monolithic Power Systems announced financial results for its fiscal quarter ending September 30, 2024, revealing a sudden and surprising slowdown in Monolithic Power Systems’ critical Enterprise Data segment. Specifically, Monolithic Power Systems reported that quarterly revenue within Monolithic Power Systems’ Enterprise Data business declined sequentially to $184 million, down from $187 million in the prior quarter, missing consensus estimates of $211 million by nearly 13%. On this news, the price of Monolithic Power Systems common stock fell more than 17%.
Then, on November 11, 2024, Edgewater Research analysts published a report revealing that Nvidia had cancelled half of its outstanding Monolithic Power Systems orders and intended to eliminate Monolithic Power Systems’ allocation to most variants of its next-generation Blackwell chips due to “[p]erformance issues” with Monolithic Power Systems’ products. The report further disclosed that Nvidia engineers had “lost confidence” in Monolithic Power Systems’ products and decided to turn to Monolithic Power Systems’ competitors as Nvidia’s “primary suppliers.” On this news, the price of Monolithic Power Systems common stock fell nearly 15%.
If you purchased or otherwise acquired Monolithic Power Systems shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
For more information on the Monolithic Power Systems class action go to: https://bespc.com/cases/MPWR
ICON Public Limited Company (NASDAQ: ICLR)
Class Period: July 27, 2023 - October 23, 2024
Lead Plaintiff Deadline: April 11, 2025
The ICON class action lawsuit alleges that defendants throughout the Class period made false and/or misleading statements and/or failed to disclose that: (i) ICON was suffering from a material loss of business due to customer cost reduction measures and other widespread funding limitations impacting ICON’s client base; (ii) ICON’s purported Functional Service Provision (“FSP”) and hybrid model offerings were insufficient to shield ICON from the adverse effects of a significant market downturn; (iii) the requests for proposals ICON received from its biotechnology customers during the Class Period were used in substantial part as price discovery tools, and thus were not indicative of underlying client demand; (iv) ICON’s customers had canceled contracts, limited or reduced engagements, delayed clinical trial work, and/or failed to enter into new contracts with ICON for additional clinical trial work at historical rates once existing projects ended (or were scheduled to end) in 2024; (v) ICON’s two largest customers were diversifying their CRO providers away from ICON; (vi) as a result of the above, ICON’s reported net new business awards and book-to-bill metrics materially misrepresented client demand for ICON’s services; and (vii) consequently, ICON was tracking materially below the 2024 revenue and EPS guidance issued during the Class Period and such guidance lacked a reasonable factual basis.
On October 23, 2024, ICON reported financial results for its third fiscal quarter of 2024, disclosing that ICON had generated quarterly revenues of just $2.03 billion, revealing a surprise “revenue shortfall” that significantly missed consensus estimates of $2.13 billion by more than $100 million. ICON further revealed that its quarterly net new business wins had declined sequentially to $2.3 billion during the quarter from $2.6 billion in the prior quarter and that ICON’s book-to-bill ratio fell sequentially to 1.15, down from 1.22 in the prior quarter. During the corresponding conference call, ICON CEO, defendant Stephen Cutler, revealed that two of ICON’s large pharmaceutical customers had materially curtailed upcoming FSP trial work due to ongoing cost containment measures, which he stated would continue to negatively impact ICON’s financial performance going forward. On this news, the price of ICON ordinary shares fell more than 20% over two trading sessions.
For more information on the ICON class action go to: https://bespc.com/cases/ICLR
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
