SAN FRANCISCO, Aug. 19, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP advises investors in SunPower Corporation (NASDAQ:SPWR) to the October 17, 2016 Lead Plaintiff deadline in the securities class action lawsuit filed in the United States District Court for the Northern District of California on August 16, 2016.
If you purchased or otherwise acquired securities of SunPower Corporation between February 17, 2016 and August 9, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/SPWR
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing SPWR@hbsslaw.com.
The litigation concerns SunPower’s unexpected guidance reversal and the damage inflicted on its investors.
More specifically, on August 9, 2016, SunPower abruptly reduced its May 5, 2016 net income guidance from up to $50 million down to a net loss of between $125 million to $175 million. In response SunPower’s share price plummeted nearly 30% to close at $10.31 on August 10, 2016.
When an analyst asked during the August 10, 2016 earnings conference call “how quickly did you guys know” about the problems underlying the guidance reduction “because people are going to walk away, and say everything was hunky-dory in the first couple of months in the year and all of a sudden about-face and now it’s bad.” CEO Tom Werner answered in part: “market developments in our case…materialized in May and beyond.”
“We have been and continue to investigate reasons underlying SunPower’s abrupt reversal from the May 2016 net income guidance to the current August 2016 net loss guidance,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding SunPower Corporation should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SPWR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.