The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of SunPower Corporation (SPWR) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired SunPower Corporation (“SunPower” or the “Company”) (NASDAQ: SPWR) securities between March 9, 2023 and October 24, 2023, inclusive (the “Class Period”). SunPower investors have until December 26, 2023 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

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 $0.90, or 18.1%, to close at $4.06 per share on October 25, 2023, thereby injuring investors.

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 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, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased SunPower securities during the Class Period, you may move the Court no later than December 26, 2023 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 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, 2121 Avenue of the Stars, Suite 800, 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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