This week brings a deadline for several attorneys vying to be the lead plaintiff on behalf of persons or entities who purchased or otherwise acquired Daktronics securities between March 10, 2022 and December 6, 2022, and want to be represented in a class action lawsuit. The proposed lawsuit would seek damages from Daktronics for their disclosures related to supply chain disruptions, labor shortages, the shutdown of facilities in Shanghai, China and the impact that it created on cash liquidity and the quarterly profitability of the Company. The investors in the suit would seek damages for losses in the stock they purchased related to the Company’s actions.
Insider’s Take: This is looking more and more as much ado about nothing. Just before the Company announcement, Daktronics stock was trading around $4.25 per share. The stock did drop after the Company disclosures, but Daktronics has worked hard to complete booked orders, generating cash for the business as well as extending their credit facilities providing additional liquidity to support the business as they complete a very large backlog of business. The shares at the end of last week were at $4.06 and Daktronics seems to be working their plan.
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I have seen these law firms go after our manufactures and suppliers in our industry. The supply chains and all other actions were caused by our federal government. Our industry and others are being sued with these class action lawsuits for something entirely out of their control. My thoughts are for these law firms to go after the real culprit- Federal Government . It looks to me that most of the folks placed in the current administration has no business experience and it shows 👀