Press release
Lawsuit filed for Investors who lost money with shares of SunPower Corporation (NASDAQ: SPWR)
A lawsuit was filed on behalf of investors in SunPower Corporation (NASDAQ: SPWR) shares over alleged securities laws violations.
Investors who purchased shares of SunPower Corporation (NASDAQ: SPWR) have certain options and for certain investors are short and strict deadlines running. Deadline: December 26, 2023. NASDAQ: SPWR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Richmond, CA based SunPower Corporation, a solar technology and energy services provider, offers solar, storage, and home energy solutions primarily in the United States and Canada.
After the market closed on October 24, 2023, SunPower Corporation disclosed a material weakness in its internal controls over financial reporting and that the Company would be restating certain previously issued financial statements for fiscal year 2022 and the first two quarters of 2023.
SunPower Corporation explained that it had overstated the value of consignment inventory of certain microinverter components, causing it to understate the associated cost of revenue.
Shares of SunPower Corporation (NASDAQ: SPWR) declined from $12.18 per share on July 18, 2023, to as low as $3.75 per share on November 01, 2023.
The plaintiff claims that between March 9, 2023 and October 24, 2023, the Defendants misled investors by failing to disclose that due to a material weakness in its internal control over financial reporting, the Company had inaccurately reported cost of revenue and inventory metrics, that as a result of the foregoing the Company was reasonably likely to incur significant charges to restate prior reporting, and that as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of SunPower Corporation (NASDAQ: SPWR) 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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