| COMPANY |
SunPower Corporation |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
23-cv-05544 |
| JUDGE |
The Hon. Rita F. Lin |
| CLASS PERIOD |
March 9, 2023 through October 24, 2023 |
| SECURITY TYPE |
Securities |
SunPower investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than December 26, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired SunPower Corporation (“SunPower”) (NASDAQ: SPWR) securities between March 9, 2023 and October 24, 2023, both dates inclusive (the “Class Period”).
Case Background:
SunPower, a Delaware corporation with its principal executive offices in Richmond, California, is a solar technology and energy services provider.
On October 24, 2023, SunPower revealed a material weakness in its internal control over financial reporting and disclosed that the company would need to restate certain of its financial statements. Specifically, SunPower announced that it planned to restate the company’s Form 10-K for the period ended January 1, 2023, the company’s Form 10-Q for the period ended April 2, 2023, and the company’s Form 10-Q for the period ended July 2, 2023 (collectively, the “Financial Statements”), because it had overstated the value of consignment inventory of microinverter components and understated the associated cost of revenue. SunPower further revealed that investors should no longer rely upon the Financial Statements or any communications describing or based upon the Financial Statements. On this news, the price of SunPower common stock declined by $0.90 per share, or more than 18.1%, from a close of $4.96 per share on October 24, 2023, to close at $4.06 per share on October 25, 2023.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) due to a material weakness in its internal control over financial reporting, SunPower had inaccurately reported cost of revenue and certain inventory metrics; (2) SunPower was reasonably likely to incur significant charges to restate its prior financial statements; and (3) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.