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Philadelphia, Pennsylvania--(Newsfile Corp. - December 26, 2023) - A recently filed securities fraud class action complaint, now pending a motion to dismiss, alleges that SunPower Corporation (NASDAQ: SPWR), via certain of its officers and directors, misled investors by failing to disclose that: (1) certain connectors used by SunPower suffered from cracking issues; (2) that, as a result, the Company was reasonably likely to incur costs to remediate the faulty connectors; (3) that, as a result of the foregoing, SunPower's financial results would be adversely impacted; and (4) Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
An additional securities fraud class action complaint has further alleged that (1) due to a material weakness in its internal controls over financial reporting, the Company had inaccurately reported cost of revenue and inventory metrics; (2) as a result of the foregoing the Company was reasonably likely to incur significant charges to restate prior reporting; and (3) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current SunPower shareholders who have held SunPower shares since prior to August 31, 2021, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award at no cost to them whatsoever.
If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/sunpower-shareholder-investigation/, or contact Joshua Grabar at jgrabar@grabarlaw.com, or Mia R. Heller at mheller@grabarlaw.com, or call 267-507-6085.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/192386
SOURCE Grabar Law Office
