SunPower Corp. (SPWR) Financial Reporting Case

N.D. California

Court

3:23-cv-05544

Case number

09 Mar 2023

Class period Start

24 Oct 2023

Class period End

26 Dec 2023

Lead Plaintiff motion deadline

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.

Case Status

Motion to dismiss

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

SunPower Corp. (SPWR) Financial Reporting Case

Collecting participants…