LOS ANGELES, Jan. 13, 2023 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come February 21, 2023 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors who have purchased or otherwise acquired Daktronics, Inc. (“Daktronics” or the “Company”) DACT securities between March 10, 2022 and December 6, 2022inclusive (the “Class Period”).

If you have suffered a loss on your Daktronics investments or would like to inquire about the possibility of making claims to recover your loss under the federal securities laws, you may submit your contact information at www.glancylaw.com/cases/daktronics-inc/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at shareholders@glancylaw.com to learn more about your rights.

On August 31, 2022, Daktronics issued a press release announcing first quarter 2023 results. In it, the company reported that it experienced “multiple material supply chain disruptions, labor shortages and a closure of our Shanghai, China facilities for a significant portion of the quarter.” The company also reported that gross profit as a percentage of net sales was 15%, down from 22% a year earlier. Operating expenses were $31.3 million compared to $26.5 million last year. And operating margin for the first quarter of fiscal 2023 was a negative 3.2%, compared to a positive 3.9% for the first quarter of fiscal 2022.

As a result of this news, Daktronics’ stock price fell $0.91, or 22.1%, to close at $3.20 per share on August 31, 2022, hurting investors.

Then, on December 6, 2022, after the market closed, Daktronics filed a Form 12b-25 with the SEC stating that it was unable to file its quarterly report on Form 10-Q for the period ended to be submitted in good time by October 29, 2022, and that there are “significant doubts” about the company’s ability to continue as a going concern. Daktronics also announced that it has taken an impairment…