Overview

A class action lawsuit has been filed against Wolfspeed, Inc. (“Wolfspeed” or the “Company”) (NYSE: WOLF) and certain of the Company’s former senior executive officers alleging violations of the federal securities laws.  The Wolfspeed class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Wolfspeed securities between August 16, 2023, to November 6, 2024, both dates inclusive (the “Class Period”).  Investors have until January 17, 2025, to seek appointment as lead plaintiff in the Wolfspeed class action lawsuit.

Wolfspeed is a global semiconductor company focused on silicon carbide materials and the fabrication of devices for power applications.  Wolfspeed largely targets its products toward the electric vehicle (“EV”) and industrial and energy sectors through its fabrication facilities in Mohawk Valley, New York and Durham, North Carolina.

The Wolfspeed class action lawsuit revolves around alleged misrepresentations by the Company regarding its Mohawk Valley fabrication facility.  The Company provided optimistic revenue projections tied to the facility’s production capacity for 200mm wafers, while allegedly concealing adverse facts about its operations and growth potential.  Wolfspeed reportedly failed to disclose that meeting its targets would require suspending future projects, like one in Saarland, Germany, cutting 20% of its workforce, and closing its Durham facility.

On November 6, 2024, Wolfspeed revealed disappointing financial results for the first quarter of 2025 and issued lower-than-expected guidance for the second quarter, citing slower-than-anticipated demand, particularly from EV customers adjusting launch timelines.  These disclosures sharply contrasted with previous claims that 20% utilization of the Mohawk Valley facility would generate $100 million in revenue.  The revised guidance indicated results falling 30%-50% below that expectation.

The revelation triggered a dramatic market reaction.  Wolfspeed’s stock price plummeted by 39.24% in one day, from $13.71 on November 6 to $8.33 on November 7, 2024.  Investors, who had purchased stock based on allegedly misleading information, suffered significant financial losses.

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If you purchased or otherwise acquired Wolfspeed securities between August 16, 2023, to November 6, 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 [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the Wolfspeed class action lawsuit is January 17, 2025.