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MAXN.US
id: 1273

Maxeon Solar (MAXN) Revenue Drop Case

N.D. California
Court
3:24-cv-03869
Case number
15 Nov 2023
Class period Start
29 May 2024
Class period End
26 Aug 2024
Lead Plaintiff motion deadline
  • $MAXN stockholder filed a claim vs. Maxeon Solar for hiding heavy reliance on SunPower and a severe cash flow crisis.
  • After disappointing financial results on May 30, 2024, $MAXN fell nearly 35%.
  • Maxeon investors can join this case to be notified about potential recovery.
Case Details:

In mid-2023, Maxeon and SunPower disputed over $29M in unpaid invoices and allegations of breach of contract.

As a result, Maxeon stopped shipping to SunPower in July 2023. They settled their dispute by November 2023 but terminated the Master Supply Agreement.

On May 30, 2024, Maxeon reported a 41% revenue drop from the previous year due to ending an agreement with SunPower, revealing serious cash flow problems.

This news caused $MAXN to fall nearly 35%.

Based on these events, a $MAXN stockholder has filed a claim against Maxeon and its leaders, accusing them of the following:
  • Maxeon hid heavy reliance on exclusive sales to SunPower.
  • After terminating the agreement, Maxeon struggled to ramp up sales, causing a significant revenue decline and a serious cash flow crisis.
Based on these events, investors believe Maxeon hid problems with its financial stability and dependency on SunPower.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
30 May 2024
Filing date
27 June 2024
Lead Plaintiff Deadline
26 August 2024
Collecting participants…

Maxeon Solar Technologies Ltd

Maxeon Solar Technologies, Ltd. designs, manufactures, markets, and sells solar panels and related solar system components worldwide. The company provides interdigitated back contact and shingled s...

    Ticker
    MAXN.US
    ISIN
    SGXZ25336314
    CIK
    1796898
    Sector
    Technology
    Industry
    Solar
    Country
    USA
    Address
    Marina Bay Financial Centre, Singapore, Singapore, 018981