SunPower Corporation (SPWR) Sued for Fraudulent Accounting- Hagens Berman
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Nov 21, 2023, 5:15 PM ET
HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages SPWR Investors with Substantial Losses to Contact Firm's Attorneys
SAN FRANCISCO, CA / ACCESSWIRE / November 21, 2023 / Hagens Berman urges SunPower Corporation (NASDAQ:SPWR) investors who suffered substantial losses to submit your losses now.
Class Period: Mar. 9, 2023 - Oct. 24, 2023
Lead Plaintiff Deadline: Dec. 26, 2023
Contact An Attorney Now: SPWR@hbsslaw.com
SunPower Corporation (NASDAQ: SPWR) Securities Fraud Class Action:
The complaint alleges SunPower made false and misleading statements and failed to disclose that: (1) due to a material weakness in internal control over financial reporting, it 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 financial reporting.
Investors learned the truth on Oct. 24, 2023, when SunPower admitted that "the value of consignment inventory of microinverter components at certain third-party locations had been overstated […] in the range of approximately $16 million to $20 million, resulting in the associated cost of revenue being understated."
SunPower also admitted to material weaknesses in its internal control over financial reporting, and revealed that it is negotiating for a waiver and consent to address the effects of the upcoming restatements under the company's credit agreement with Bank of America, N.A.
In response, the price of SunPower shares fell $0.90, or about 18%, on Oct. 25, 2023.
"We're focused on investors' losses and investigating whether senior management may have intentionally understated cost of revenues," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in SunPower and have significant losses, or have knowledge that may assist the firm's investigation, submit your losses now »
If you'd like more information and answers to frequently asked questions about the SunPower case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding SunPower should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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 844-916-0895 or email SPWR@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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