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SPWR.US
id: 858, Created by Stan Vick, Scout
SunPower Corp. (SPWR) Financial Reporting Case
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N.D. California
Court3:23-cv-05544
Case number- SunPower revealed a flaw in its financial reporting controls, leading to inaccuracies in cost of revenue and inventory metrics.
- $SPWR fell 18% and lost $155M+ in shareholder value.
- Now, the investor is seeking compensation from SunPower in a California court for failure to disclose crucial information.
On October 24, 2023, SunPower disclosed a material weakness in its internal controls over financial reporting and that $SPWR would be restating certain previously issued financial statements for 2022 and the first two quarters of 2023.
SunPower explained that it overstated the value of the consignment inventory of certain microinverter components, causing it to understate the associated cost of revenue.
On this news, $SPWR fell 18% and lost over $155 million of its market capitalization, damaging shareholders.
Now, investors have reasons to suspect SunPower of hiding that due to a material weakness in its internal control over financial reporting, it had inaccurately reported the cost of revenue and inventory metrics.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
25 October 2023
Filing date
27 October 2023
Lead Plaintiff Deadline
26 December 2023
Judge
Hon. Edward J Davila