Press release
Investigation announced for Investors in shares of Wolfspeed, Inc. (NYSE: WOLF) over potential Wrongdoing
An investigation on behalf of investors in Wolfspeed, Inc. (NYSE: WOLF) shares over potential wrongdoing at Wolfspeed, Inc.
Investors who purchased shares of Wolfspeed, Inc. (NYSE: WOLF) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Wolfspeed directors breached their fiduciary duties and caused damage to the company and its shareholders.
Wolfspeed, Inc. operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies Europe, China, the United States, Japan, South Korea, and internationally. Wolfspeed, Inc. reported that its Total Revenue rose from $525.6 million for the 12 months period that ended on June 30, 2021, to $746.2 million for the 12 months period that ended on June 30, 2022, and that its Net Loss over those respective time periods declined from $523.9 million to $200.9 million.
On April 26, 2023, Wolfspeed, Inc. announced its results for the third quarter of fiscal year 2023 and provided guidance for its fourth quarter of fiscal 2023 and for fiscal 2024. The Company also stated it was "adjusting our fiscal 2024 revenue forecast to reflect the projected growth of our materials production as it relates to supplying [Wolfspeed's] Mohawk Valley [facility]." Following this announcement, the price of the Company's stock dropped.
Shares of Wolfspeed, Inc. (NYSE: WOLF) declined from $124.08 million on September 19, 2022, to as low as $44.25 per share on April 27, 2023.
Those who purchased shares of Wolfspeed, Inc. (NYSE: WOLF) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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