XPEL Securities Class Action Lawsuit Investigation
At a glance
What is the XPEL Securities Class Action Lawsuit Investigation about?
Gibbs Law Group is investigating potential claims on behalf of XPEL investors.What did XPEL, Inc. do wrong?
XPEL may have violated federal securities laws by providing false or misleading statements to investors.What do you get out of this?
This potential lawsuit seeks to help XPEL shareholders recover their losses.
Lost money in XPEL stock?
You may be eligible to recover your losses. Get a free and confidential consultation.
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Why is XPEL stock dropping?
On Thursday, October 19, 2023, shares of protective film and coating company XPEL, Inc. (NASDAQ:XPEL) plummeted over 17% after Culper Research published a report alleging it had been concealing and misstating its vulnerabilities.
The report alleges that, despite XPEL claiming in a Form 8-K filing that Tesla represents only 5% or less of its revenue pertaining to paint protection film, interviews with XPEL installers reveal the true number is likely 25% to 35%. According to Culper Research, XPEL published the 5% figure in response to news reports on October 11, 2023 suggesting Tesla had begun offering its own pain protection films, effectively disintermediating XPEL.
Culper Research also claims that XPEL, which it asserts has “merely licensed” protective films and does not itself develop them, is concealing the news that its longtime primary supplier, entrotech, recently formed a joint venture with PPG that will soon render XPEL’s business “obsolete.” According to Culper Research, a representative from the joint venture claims they’ve found a way to integrate the paint protection technology directly into the paint. As a result, XPEL’s product, an “aftermarket wrap,” may have been “leapfrogged.”
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