NEW YORK, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors that purchased or otherwise acquired SunPower Corporation (“Sun Power” or the “Company”) (NASDAQ: SPWR) securities between March 9, 2023 and October 24, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired SunPower securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than December 26, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
According to the complaint, on October 24, 2023, after the market closed, SunPower filed a Form 8-K with the SEC revealing a material weakness in its internal controls and the impending restatement of certain financial statements. Specifically, the Company disclosed that it had overstated approximately $16 million to $20 million of consignment inventory of microinverter components, resulting in the associated cost of revenue being understated. Further, the Audit Committee of the Board of Directors of the Company determined that the Company’s Form 10-K for the period ended January 1, 2023, Form 10-Q for the quarterly period ended April 2, 2023, and Form 10-Q for the period ended July 2, 2023 should no longer be relied upon.
Following this news, the Company’s share price fell $0.90 per share, or 18.1%, to close at $4.06 per share on October 25, 2023.
The Complaint alleges that throughout the Class Period, the Company made materially false and/or misleading statements and failed to disclosed, among other things, that: (1) due to a material weakness in its internal control over financial reporting, the Company had inaccurately reported cost of revenue and inventory metrics; and (2) as a result, the Company was reasonably likely to incur significant charges to restate prior reporting.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
