The Law Offices of Frank R. Cruz Announces Investigation of SunPower Corporation (SPWR) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of SunPower Corporation (“SunPower” or the “Company”) (NASDAQ: SPWR) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On September 13, 2023, SunPower disclosed that its vice president, corporate controller, and principal accounting officer of the Company, Vichheka Heang, had resigned, effective October 15, 2023.

Then, on October 24, 2023, SunPower announced that financial statements from 2022 and the first two quarters of 2023 should no longer be relied upon due to “a material weakness” in the Company’s internal control over financial reporting. The Company plans to restate the results, disclosing that it “preliminarily determined that the value of consignment inventory of microinverter components at certain third-party locations had been overstated in the Affected Periods in the range of approximately $16 million to $20 million, resulting in the associated cost of revenue being understated.”

On this news, SunPower’s stock price fell as much as 22% during intraday trading on October 25, 2023, thereby injuring investors.

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If you purchased SunPower securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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