NEW YORK–(BUSINESS WIRE)–WHY: Rosen Law Firm, a global investor rights law firm, announces that it is investigating potential securities claims on behalf of shareholders of SunPower Corporation (NASDAQ: SPWR) resulting from allegations that SunPower may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased SunPower securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=20033 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
WHAT IS THIS ABOUT: On October 24, 2023, after the market closed, SunPower filed a current report on Form 8-K with the Securities & Exchange Commission (“SEC”), in which it announced, in pertinent part, that the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for the period ended January 1, 2023, and unaudited financial statements included in its Q1 and Q2 2023 quarterly reports, “should no longer be relied upon”.
The reason for this was because “the Company preliminarily determined that the value of consignment inventory of microinverter components [. . .] had been overstated” by a range of $16-20 million, resulting in the cost of revenue being understated. In light of this issue, SunPower announced that “a material weakness exists in the Company’s internal control over financial reporting.”
On this news, the price of SunPower’s stock fell as much as 22% in intraday trading on October 25, 2023.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Contacts
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com
