PHILADELPHIA, Dec. 18, 2023 /PRNewswire/ — Berger Montague advises investors that a securities fraud class action lawsuit has been filed against SunPower Corporation (“SunPower”) (NASDAQ: SPWR) on behalf of those who purchased SunPower securities between March 9, 2023 and October 24, 2023 (the “Class Period”).
Investor Deadline: Investors who purchased or acquired SunPower securities during the Class Period may, no later than December 26, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015 or CLICK HERE.
SunPower is a solar technology and energy services provider. The Class Period commences on March 9, 2023, when SunPower filed its 2022 Form 10-K, reporting that its “total cost of revenues increased by 53% during fiscal 2022 as compared to fiscal 2021.”
The true state of the Company’s financial picture was revealed on October 24, 2023, when SunPower disclosed a material weakness in its internal controls over financial reporting and that it would restate 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.
Following this news, SunPower’s share price fell $0.90 per share, or 18.1%, to close at $4.06 per share on October 25, 2023.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that (1) due to a material weakness in its internal control over financial reporting, SunPower had inaccurately reported cost of revenue and inventory metrics; (2) as a result of the foregoing, SunPower was reasonably likely to incur significant charges to restate prior reporting; and (3) as a result of the foregoing, the defendants’ positive statements about SunPower’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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.
Whistleblowers: Anyone with non-public information regarding SunPower is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
[email protected]
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
SOURCE Berger Montague
