BOSTON, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Block & Leviton announces that a securities fraud lawsuit has been filed against Wolfspeed, Inc. (NYSE: WOLF) and certain of its executives. Investors who have lost money in their Wolfspeed, Inc. investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/wolf.
What is this all about?
Wolfspeed, Inc. and certain executives have been sued for securities fraud, alleging that the Defendants materially misled investors concerning Wolfspeed’s revenue outlook for the Mohawk Valley Facility. On November 6, 2024, Wolfspeed announced its financial results for the first quarter of fiscal year 2025 and unveiled guidance for the second quarter well below expectations. While Defendants had repeatedly claimed that 20% utilization of the Mohawk Valley fabrication facility would result in $100 million revenue out of the facility, Defendants now guided to a range 30% to 50% below that mark. Investors and analysts reacted immediately to Wolfspeed’s revelation, resulting in a stock price decline of about 39.24% in the span of a single day.
Who is eligible?
Anyone who purchased Wolfspeed, Inc. common stock between August 16, 2023, and November 6, 2024, and has seen their shares fall may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is January 17, 2025. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at shareholders@blockleviton.com, or by phone at (888) 256-2510.
Whistleblower?
If you have non-public information about Wolfspeed, Inc., you should consider assisting in our investigation or working with our attorneys to file a report with the Securities Exchange Commission under their whistleblower program. Whistleblowers who provide original information to the SEC may receive rewards of up to 30% of any successful recovery. For more information, contact Block & Leviton at whistleblowers@blockleviton.com or by phone at (888) 256-2510.
Why should you contact Block & Leviton?
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. Our attorneys have recovered billions of dollars for defrauded investors and are dedicated to obtaining significant recoveries on behalf of our clients through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, call (888) 256-2510 or email shareholders@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (888) 256-2510
Email: shareholders@blockleviton.com
