PR Newswire
NEW YORK, Nov. 28, 2023
NEW YORK, Nov. 28, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of SunPower Corporation ("SunPower" or the "Company") (NASDAQ: SPWR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether SunPower and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 24, 2023, SunPower revealed in a filing with the U.S. Securities and Exchange Commission that investors should no longer rely upon previous financial statements in the Company's 2023 annual report and quarterly reports for the first and second quarters of 2023, as well as any communications describing or based upon those financial statements. SunPower also disclosed that it planned to restate those financial statements, explaining that it had overstated the value of consignment inventory of certain microinverter components, causing it to understate the associated cost of revenue, and that, consequently, SunPower's management had concluded that a material weakness existed in the Company's internal control over financial reporting.
On this news, the SunPower's stock price fell $0.90 per share, or 18.1%, to close at $4.06 per share on October 25, 2023, on unusually high trading volume.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
