NEW
YORK, June 9, 2023 /PRNewswire/ -- Jakubowitz
Law announces that an investigation into potential securities
fraud allegations has commenced on behalf of
shareholders of Xometry, Inc. ("Xometry") (NASDAQ: XMTR)
To be contacted by a member of our team, fill out the
form:
https://claimyourloss.com/securities/xometry-class-action-loss-submission-form/?wire=4
Further details on the investigation: Before the market
opened on March 1, 2023, Xometry
issued a press release and held an earnings call reporting on
financial and operating results for the fourth quarter and full
year ended December 31, 2022. The
Company disclosed that Xometry suffered an adjusted EBITDA loss of
$14.2 million in the fourth quarter
of 2022 reflecting a "revenue shortfall" and "lower gross margins
quarter-over-quarter." The Company blamed "macroeconomic factors"
such as inflation that "changed" supplier behavior, that some of
Xometry's "largest customers grew less than expected", and "an
environment of falling cost and slowing demand." Further the
Company announced that, despite becoming a publicly traded company
less than two years prior, Xometry would be implementing a "5-point
strategic plan" that included renewed focus on top 200 accounts who
admittedly "represent significant opportunities and who depend on
Xometry to strengthen their crucial supply chains" as well as
"aggressively" reducing operating expenses, among other items. The
March 1, 2023 press release also
released the Company's full year financial guidance and outlook for
fiscal year 2023 that fell far below Street consensus, including
projected revenue between $470
million and $480 million, and
projected adjusted EBITDA between ($22)
million and ($20) million.
Following this news, Xometry's stock price fell approximately
40% to close at $18.40 per share on
March 1, 2023.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities
fraud. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law