SAN FRANCISCO, Dec. 23, 2023 (GLOBE NEWSWIRE) — Hagens Berman urges SunPower Corporation (NASDAQ: SPWR) investors who suffered substantial losses to submit your losses now.
Class Period: Mar. 9, 2023 – Oct. 24, 2023
Lead Plaintiff Deadline: Dec. 26, 2023
Contact An Attorney Now: SPWR@hbsslaw.com
SunPower Corporation (NASDAQ: SPWR) Securities Fraud Class Action:
On Dec. 18, SunPower shares tumbled after the company raised concerns about the company going out of business. In its SEC filing, the company advised that its failure to file timely 3Q 2023 financial results constituted a breach of its credit agreement and could lead lenders to recall $65.3 million in debt. The company warned that if it is unable to secure a waiver from the lenders, it would not have the necessary funds to finance day-to-day operations.
SunPower’s going concern warning comes on the heels of an investor class action suit.
That complaint alleges SunPower mispresented and concealed that: (1) due to a material weakness in internal control over financial reporting, it inaccurately reported cost of revenue and inventory metrics; and (2) as a result, the company was reasonably likely to incur significant charges to restate prior financial reporting.
Investors allegedly learned the truth on Oct. 24, 2023, when SunPower admitted that “the value of consignment inventory of microinverter components at certain third-party locations had been overstated […] in the range of approximately $16 million to $20 million, resulting in the associated cost of revenue being understated.”
SunPower also admitted to material weaknesses in its internal control over financial reporting.
The price of SunPower shares remain depressed, having lost appx. 75% in value year to date.
If you invested in SunPower and have significant losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the SunPower case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding SunPower should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SPWR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Past results do not guarantee future outcomes.
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Reed Kathrein, 844-916-0895