Vicor Corporation Responds to Allegations Made in Recently Filed Securities Litigation

Rhea-AI Summary

Vicor (NASDAQ: VICR) has responded to allegations made in recently filed securities litigation. The company disclosed facts that formed the basis for its response, addressing claims related to its financial reporting and business practices. While specific details of the allegations and Vicor's response are not provided in the press release, the company's action suggests it is actively defending itself against the legal claims.

As securities litigation can have significant implications for publicly traded companies, this development may be of interest to Vicor's shareholders and potential investors. The outcome of such legal proceedings could potentially impact the company's reputation, financial position, and stock performance.

News Market Reaction – VICR

-7.19%

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-7.19% News Effect

On the day this news was published, VICR declined 7.19%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

ANDOVER, Mass., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) (the “Company”) today disclosed facts that formed the basis for forward-looking statements about an expected revenue ramp, made in the Company’s July 25, 2023 Earnings Call, that were alleged to be untrue in recently-filed securities litigation against the Company. These statements were true when made on the basis of the facts outlined below.

As of July 25, 2023, the Company had booked over $30 million in Non-Cancellable, Non-Returnable orders (the “NCNR Orders”) from a significant customer (the “Customer”) reflecting what the Company understood to be the Customer’s allocation for a new program (the “New Program”) to the Company. Subsequent to the July 25, 2023 Earnings Call while continuing to honor the NCNR Orders, the Customer changed its allocation for the New Program, as the Company indicated in its forward-looking statements made in subsequent Earnings Calls. Accordingly, the Company’s statements on July 25, 2023 were truthful and properly represented its reasonable expectations at the time.

For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2023, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

About Vicor

Vicor Corporation designs, develops, manufactures and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, aerospace and defense. www.vicorpower.com.

Vicor is a registered trademark of Vicor Corporation.

Contact

James F. Schmidt
Chief Financial Officer
978-470-2900
invrel@vicorpower.com

FAQ

What securities litigation is Vicor (VICR) responding to?

Vicor (NASDAQ: VICR) has responded to allegations made in recently filed securities litigation. The specific details of the litigation are not provided in the press release.

How has Vicor (VICR) addressed the securities litigation allegations?

Vicor has disclosed facts that formed the basis for its response to the allegations made in the recently filed securities litigation. The company is actively defending itself against the legal claims.

When did Vicor (VICR) respond to the securities litigation allegations?

According to the press release, Vicor responded to the securities litigation allegations on September 3, 2024.

What potential impact could the securities litigation have on Vicor (VICR)?

Securities litigation can have significant implications for publicly traded companies like Vicor. The outcome could potentially impact the company's reputation, financial position, and stock performance.