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MAXN.US
id: 1273
Maxeon Solar (MAXN) Revenue Drop Case
N.D. California
Court3:24-cv-03869
Case number11/15/2023
Class period Start05/29/2024
Class period End08/26/2024
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
Motion to dismiss
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05/30/2024
Filing date
06/27/2024
Lead Plaintiff Deadline
08/26/2024