The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of SunPower Corporation (SPWR) Investors

LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired SunPower Corporation (“SunPower” or the “Company”) (NASDAQ: SPWR) securities between August 3, 2021 and January 20, 2022, inclusive (the “Class Period”). SunPower investors have until April 18, 2022 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On January 20, 2022, SunPower announced that it had “identified a cracking issue that developed over time in certain factory-installed connectors.” The Company “expects approximately $27 million of supplier-quality related charges in fourth quarter 2021 and approximately $4 million in the first quarter of 2022” to replace the faulty connectors.

On this news, the Company’s share price fell $3.22, or 16.9%, to close at $15.80 per share on January 21, 2022, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that 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) that, 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.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased SunPower securities during the Class Period, you may move the Court no later than April 18, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased SunPower securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


https://www.businesswire.com/news/home/20220217005802/en/The-Law-Offices-of-Frank-R.-Cruz-Announces-the-Filing-of-a-Securities-Class-Action-on-Behalf-of-SunPower-Corporation-SPWR-Investors

Zubair Q Britania

Next Post

Intuit QuickBooks & Mailchimp Award $100,000 to Twenty Atlanta-Area Small Businesses in Collaboration with Georgia Restaurant Association

Fri Feb 18 , 2022
Fourth Quarter 2021 On a GAAP basis, consolidated revenue increased by more than $350 million, or 11%, to $3.7 billion, reflecting strong growth by the company’s operating segments. Net earnings attributable to common stockholders were $291 million or $0.47 per diluted share. On an organic basis, revenue grew 11% as […]