SPWR CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against SunPower Corporation
LOS ANGELES, CA (ClassActionDaily) Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class-action lawsuit in the United States District Court for the Northern District of California captioned Jaszczyszyn v. SunPower Corporation, et al., Case No. 22-cv-956, 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”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
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.
About SunPower Corporation
SunPower Corporation is a public company that sells, installs, and finances solar products like panels, batteries, hardware, and software. Founded in 1985 and went public in 2005. In 2011, Total bought a controlling interest in SunPower for $1.37 billion. However, in 2019 SunPower released that it would spin off its manufacturing operations into a company named Maxeon Solar Technologies, Ltd.
If you purchased or otherwise acquired SunPower securities during the Class Period, you may move the Court no later than 60 days from this notice 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number, and the number of shares purchased.
Investors are hereby notified that they have 60 days from this notice to move the Court to serve as lead plaintiff in this action.
If you suffered a loss on your SunPower investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/sunpower-corporation-1/. You can also contact Charles H. Linehan of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com or visit our website at www.glancylaw.com to learn more about your rights.
Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan – +1 310-201-9150 or +1 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067