- Craven v. SunPower Corporation, et al
- Class Period:March 09, 2023 - October 24, 2023
- Date Filed:October 27, 2023
- Jurisdiction:U.S. District Court, Northern District of California
- Docket Number: 5:23-cv-05544
- Lead Plaintiff Deadline: December 26, 2023
Seek Plaintiff 22
A class action lawsuit captioned Craven v. SunPower Corporation, et al. has been filed against SunPower Corporation (“SunPower” or the “Company”) (NASDAQ: SPWR), and certain of the Company’s top executive officers alleging that they violated the federal securities laws. The lawsuit seeks to represent all persons and entities who purchased or otherwise acquired securities of SunPower Corporation between March 9, 2023, and October 24, 2023, inclusive (the “Class Period”).
SunPower is a solar technology and energy services provider.
After the market closed on October 24, 2023, SunPower disclosed a material weakness in its internal controls over financial reporting and that the Company would be restating certain previously issued financial statements for fiscal year 2022 and the first two quarters of 2023. SunPower explained that it had overstated the value of consignment inventory of certain microinverter components, causing it to understate the associated cost of revenue. On this news, SunPower’s stock price fell 18.1% on October 25, 2023, on unusually high trading volume.
Throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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.
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If you purchased or otherwise acquired securities of SunPower Corporation between March 9, 2023, and October 24, 2023, and suffered substantial losses, 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 firstname.lastname@example.org.
The deadline to apply to the Court to serve as a lead plaintiff in the SunPower lawsuit is December 26, 2023.