Press release
Lawsuit filed for Investors who Lost Money with Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN)
A lawsuit was filed on behalf of investors in Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) shares.
Investors who purchased a significant amount of shares of Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) between November 15, 2023 and May 29, 2024, have certain options and for certain investors are short and strict deadlines running. Deadline: August 26, 2024. NASDAQ: MAXN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Singapore based Maxeon Solar Technologies, Ltd. designs, manufactures, markets, and sells solar panels and related solar system components worldwide. Maxeon Solar Technologies, Ltd. Reported that its annual Total Revenue rose from $783.27 million in 2021 to over $1.06 billion in 2022.
On May 13, 2024, Maxeon Solar Technologies, Ltd. disclosed that it would delay its SEC filing and the release of its financial results for the Fourth Quarter of Fiscal Year 2023 and First Quarter of 2024, which had been originally slated for public dissemination on May 15, 2024.
On May 30, 2024, before the market opened, Maxeon Solar Technologies, Ltd. announced financial results for first quarter 2024 in a press release, reporting a 41% year-over-year decline in revenue to $187.5 million. The Company disclosed that it was "facing a serious cash flow challenge" as the result of, in part, the termination of the SunPower supply agreement. The Company revealed that, as a result, it was forced to "negotiate[] commitments for significant liquidity support" which will result in "substantial dilution to existing public shareholders, with TZE [TCL Zhonghuan Renewable Energy Technology Co. Ltd.] ultimately becoming a controlling shareholder."
Shares of Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) declined from $28.48 per share on July 18, 2023, to as low as $0.17 per share on July 02, 2024.
The plaintiff claims that between November 15, 2023 and May 29, 2024, the Defendants failed to disclose to investors that Maxeon Solar Technologies, Ltd. relied on the exclusive sales of certain products to SunPower, that, following the termination of the Master Supply Agreement, the Company was unable to "aggressively ramp sales", that, as a result, revenue substantially declined, that, as a result, the Company suffered a "serious cash flow" crisis, 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 Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) 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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