The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Northern District of California on behalf of investors who purchased SunPower Corporation (NASDAQ: SPWR) securities between February 17, 2016 and August 9, 2016.
According to the complaint, SunPower made false and/or misleading statements and/or failed to disclose that: (1) a substantial number of the Company’s customers were adopting a longer-term timeline for project completion; (2) the Company’s near-term economic returns were deteriorating due to aggressive PPA pricing by new market entrants; (3) market disruption in the YieldCo environment was impacting the Company’s assumptions related to monetizing deferred profits; (4) as such, demand for the Company’s products was significantly declining; and (5) in response, the Company would implement a manufacturing realignment that would result in significant restructuring charges. On August 9, 2016, SunPower announced it would decrease its fiscal year 2016 guidance from a net income of between $0 and $50 million, to a net loss of between $175 and $125 million.
If you suffered a loss in SunPower you have until October 17, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
To receive more information, please fill out the form.