Wolfspeed (WOLF) Financial Issues Case

N.D. New York

Court

6:24-cv-01395

Case number

08/16/2023

Class period Start

11/06/2024

Class period End

01/14/2025

Lead Plaintiff motion deadline

$WOLF stockholders filed a claim against Wolfspeed for overstating revenue potential and failing to disclose operational issues at key facilities.
Following disappointing guidance and restructuring announcements on November 6, 2024, $WOLF dropped by 39.24%.
Wolfspeed investors can join this case to be notified about potential recovery.
Case Details:

Between August 16, 2023, and November 6, 2024, Wolfspeed repeatedly assured investors about strong revenue growth driven by demand for its silicon carbide products.

The company emphasized progress at its Mohawk Valley fabrication facility, which was expected to support ambitious revenue targets.

However, on November 6, 2024, Wolfspeed announced that it was revising its revenue forecast downward and would incur $174 million in restructuring charges.

This included plans to close its Durham facility, citing weakened automotive demand and delayed adoption of EV technology in Europe.

The company also disclosed the cancellation of a planned factory in Ensdorf, Germany, due to these challenges.

As a result, $WOLF plummeted 39.24% the next day.

Based on these events, $WOLF investors filed a claim against Wolfspeed, accusing the company of the following:
It misled investors about the revenue potential and operational progress of its Mohawk Valley facility.
It failed to disclose the impact of weakened automotive demand and delayed EV adoption on its financial outlook.
Investors believe Wolfspeed misled them by overstating the revenue potential of its Mohawk Valley facility and failing to disclose the impact of weak automotive demand.

Case Status

Lead Plaintiff Submission

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

11/06/2024

Filing date

11/15/2024

Lead Plaintiff Deadline

01/14/2025

Wolfspeed (WOLF) Financial Issues Case

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