NEW YORK, Nov. 25, 2009 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") has filed a class action lawsuit in the United States District Court, Northern District of California, against SunPower Corporation ("SunPower" or the "Company") (Nasdaq:SPWRA) (Nasdaq:SPWRB) and certain of its top officials. The class action (09-CV-05520) was filed on behalf of purchasers of the securities of the Company between April 17, 2008 and November 16, 2009, both dates inclusive (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder.
SunPower designs, manufactures and markets solar electric power technologies worldwide. The Complaint alleges that throughout the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, the Complaint alleges the defendants included unsubstantiated accounting entries related to cost of goods sole in the Company's Philippines operations. As a result of the challenged statements, SunPower's common stock traded at artificially inflated prices throughout the Class Period.
On November 16, 2009, the Company announced that, subsequent to an internal investigation by its Audit Committee of certain unsubstantiated accounting entries related to cost of goods sold in the Company's Philippines operations, SunPower'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, and that the Company might have to restate its 2009 interim financial reports and its 2008 annual report.
On this news, shares of SunPower's Class A common stock declined $5.04 per share, approximately 18.51%, to close on November 17, 2009 at $22.19 per share, on heavy volume, and shares of SunPower's Class B common stock declined $4.43 per share, approximately 18.54%, to close on November 17, 2009 at $19.47 per share, on heavy volume.
If you are a shareholder who purchased the securities of SunPower during the Class Period, you have until January 19, 2010 to ask the Court to appoint you as lead plaintiff for the class. Shareholders outside the United States may join the action, regardless of where they live or which exchange was used to purchase the securities. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Teresa L. Webb at (tlwebb@pomlaw.com) or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and the Burlingame, California, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members.