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Philadelphia, Pennsylvania--(Newsfile Corp. - November 6, 2023) - A recently filed securities fraud class action complaint alleges that between March 9, 2023 and October 24, 2023 (the "Class Period"), SunPower Corp. (NASDAQ: SPWR), via certain of its officers and directors, made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, it is alleged that Defendants misled investors by failing to disclose 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; (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 March 9, 2023, 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 call 267-507-6085.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186395
SOURCE Grabar Law Office
