| COMPANY |
SunPower Corporation |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
22-cv-00956 |
| JUDGE |
The Honorable Kandis A Westmore |
| CLASS PERIOD |
August 3, 2021 - January 20, 2022 |
| SECURITY TYPE |
Securities |
SunPower investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than April 18, 2022 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired SunPower Corporation (“SunPower”) (NASDAQ: SPWR) securities between August 3, 2021 and January 20, 2022, inclusive (the “Class Period”).
Case Background:
SunPower is a solar energy company that provides hardware, software, and financing options for customers. It also provides “Smart Energy” solutions as part of its initiative to add layers of intelligent control to homes, buildings, and grids through personalized customer interfaces. It operates under two segments: Residential, Light Commercial, which refers to sales of solar energy solutions; and Commercial and Industrial Solutions, which refers to direct sales of turn-key engineering, procurement, and construction services, as well as sales of energy under power purchase agreements.
The Class Period commences on August 3, 2021, when SunPower announced its second quarter 2021 financial results in a press release.
On January 21, 2022, SunPower announced that it had “identified a cracking issue that developed over time in certain factory-installed connectors.” SunPower “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.
Following this news, SunPower’s share price fell $3.22, or 16.9%, to close at $15.80 per share on January 21, 2022.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) certain connectors used by SunPower suffered from cracking issues; (2) as a result, SunPower was reasonably likely to incur costs to remediate the faulty connectors; (3) as a result of the foregoing, SunPower’s financial results would be adversely impacted; and (4) as a result of the foregoing, the defendants’ positive statements about SunPower’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.