PHILADELPHIA, Nov. 19, 2009 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, Northern District of California, 09cv5473, on behalf of purchasers of the securities of SUNPOWER CORPORATION ("SUNPOWER" or the "Company") (Nasdaq:SPWRA) (Nasdaq:SPWRB) between April 17, 2008 and November 16, 2009, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable Charles R. Breyer. If you wish to serve as lead plaintiff, you must move the Court no later than January 19, 2010. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. A copy of the complaint can be viewed on the Law Offices Bernard M. Gross, P.C. website at www.bernardmgross.com.
Sunpower is a vertically integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies. The Complaint alleges that during the Class Period, defendants reported unsubstantiated accounting entries relating to cost of goods sold in connection with its Philippines operations. This violated generally accepted accounting principles "GAAP" and SEC rules.
On November 16, 2009, after the market closed, Sunpower filed a report on Form 8-K with the SEC stating that, because of accounting improprieties, the Company's previously issued interim financial statements for each of the 2009 quarterly periods, the previously reported financial results for the fiscal year ending December 28, 2008, the financial information in its quarterly reports on Form 10-Q for the 2009 quarters, the financial information in the 2008 annual report on Form 10-K, and the guidance provided by the Company for the 2009 fiscal year, should no longer be relied upon. On this news, Sunpower's stock price fell.
Plaintiff seeks to recover damages on behalf of all persons who purchased the securities of Sunpower between April 17, 2008 and November 16, 2009, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. The firm recently filed securities class actions against the following companies:
ADVANTA (Nasdaq:ADVNA) Class Period - 10/31/06 - 11/27/07 BOEING (NYSE:BA) Class Period - 05/04/09 - 06/22/09 CVS (NYSE:CVS) Class Period - 05/05/09 - 11/04/09
If you wish to discuss any of these actions or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esquire
Deborah R. Gross, Esquire
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com