SUNPOWER – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against SunPower Corporation (“SunPower” or “the Company”) (NASDAQ: SPWR) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired SunPower securities March 9, 2023 through October 24, 2023 (the “Class Period”). Investors who acquired SunPower securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is December 26, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased SunPower securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST SUNPOWER
After the market closed on October 24, 2023, SunPower 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 explained that it had overstated the value of consignment inventory of certain microinverter components, causing it to understate the associated cost of revenue. On this news, SunPower’s stock price fell 18.1% on October 25, 2023, on unusually high trading volume. Throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misled investors by failing to disclose that: (1) due to a material weakness in its internal control over financial reporting, the Company had inaccurately reported cost of revenue and inventory metrics; (2) as a result of the foregoing the Company was reasonably likely to incur significant charges to restate prior reporting; and (3) 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.
ABOUT SUNPOWER
- SunPower Corporation is an American energy company that specializes in the design, manufacture, and distribution of solar panels and solar energy solutions. The company is known for its high-efficiency solar panels and has a strong presence in the residential, commercial, and utility-scale solar markets.
- SunPower was founded in 1985 as a spin-off from Stanford University. The company has since grown to become one of the leading solar energy companies in the United States and globally.
- SunPower is well-regarded for its high-efficiency solar panels. Their panels are known for their superior energy conversion rates, making them particularly effective in situations where space is limited, such as residential rooftops. The company offers a range of solar products, including solar panels, inverters, and energy storage solutions. They provide both on-grid and off-grid solar solutions to meet the diverse needs of customers.
- The ownership and corporate structure of SunPower has evolved over the years. It was originally part of Cypress Semiconductor, then became a separate publicly traded company, and later became a subsidiary of TotalEnergies (formerly known as Total S.A.), a major French energy company.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in SunPower during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is December 26, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against SunPower are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
