Case Summary

Maxeon

NASDAQ: MAXN

Case Details

  • Wayne v. Maxeon Solar Technologies, Ltd. et al.
  • Class Period:November 15, 2023 - May 29, 2024
  • Date Filed:June 27, 2024
  • Jurisdiction:U.S. District Court, Northern District of California
  • Docket Number: 3:24-cv-03869
  • Lead Plaintiff Deadline: August 26, 2024
Days Left to
Seek Plaintiff
39

Overview

A class action lawsuit has been filed against Maxeon Solar Technologies, Ltd (“Maxeon” or the “Company”) (NASDAQ: MAXN) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws. The Maxeon class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Maxeon securities between November 15, 2023, and May 29, 2024, both dates inclusive (the “Class Period”).  Investors have until August 26, 2024, to seek appointment as lead plaintiff of the Maxeon class action lawsuit.

Maxeon is a global manufacturer and marketer of solar technology.  Maxeon went public in August 2020 through a strategic spin off from SunPower Corp. (“SunPower”).  SunPower was Maxeon’s largest customer, representing 26.7% of the Company’s total revenue for fiscal year 2022.  Maxeon and SunPower maintained a supply agreement under which, among other things, SunPower was obligated to purchase certain minimum product volumes; and Maxeon was prohibited from selling certain modules to customers other than SunPower and could not circumvent that exclusivity provision via SunPower dealers (the “Master Supply Agreement”).

In mid-2023, Maxeon and SunPower engaged in a dispute wherein Maxeon alleged SunPower was withholding approximately $29 million in past due invoices and SunPower alleged that Maxeon was in breach of the Master Supply Agreement’s non-circumvention clause.  As a result, Maxeon ceased shipments to SunPower in July 2023.  By November 2023, the two companies settled their dispute but terminated the Master Supply Agreement.

The Maxeon class action lawsuit alleges that Defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose, among other things, that: (1) Maxeon relied on the exclusive sales of certain products to SunPower; (2) following the termination of the Master Supply Agreement, the Company was unable to “aggressively ramp sales”; (3) as a result, revenue substantially declined; (4) as a result, the Company suffered a “serious cash flow” crisis; and (5) 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.

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If you purchased or otherwise acquired Maxeon securities between November 15, 2023, and May 29, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Maxeon lawsuit is August 26, 2024.

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