Tigo Energy, Inc. (NASDAQ: TYGO)

This investigation is for anyone who acquired securities in Tigo Energy, Inc. (NASDAQ: TYGO) from April 26, 2023 through October 6, 2023.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by reporting revenue at an amount that the Company knew was unsustainable considering that the Company was stuffing its channels of distribution.

On August 8, 2023, Tigo issued a press release announcing its financial results for the second quarter of 2023. Therein, Tigo claimed that it had “recently started seeing some demand softening in the channel as supply constraints that defined 2022 began to improve in 2023.” The Company also claimed that it believes the “supply constraints led to some across-the-board over-ordering that the industry is now facing.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on October 9, 2023, before the market opened, the Company announced preliminary third quarter 2023 financial results, stating that Tigo expected revenue “in the range of $17 to $18 million, compared to Tigo’s previous expectation of $41 to $45 million.” In the press release, Defendant Alon stated “a significant number of customers requested that Tigo delay purchase order deliveries to the fourth quarter of 2023 or early 2024,” which reflected that “the inventory supply in the channel . . . remains elevated[.]” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Tigo Energy, Inc. (NASDAQ: TYGO) from April 26, 2023 through October 6, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.