SunPower Corporation
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired SunPower Corporation (“SunPower” or the “Company”) (NASDAQ: SPWR) securities during the period from March 9, 2023 through October 24, 2023, inclusive (the “Class Period”). Investors have until December 26, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On October 24, 2023, SunPower disclosed a material weakness in its internal controls over financial reporting and that the Company would be restating certain previously issued financial statements for fiscal year 2022 and the first two quarters of 2023. SunPower explained that it had overstated the value of consignment inventory of certain microinverter components, causing it to understate the associated cost of revenue. On this news, the price of SunPower shares declined by $0.90, or approximately 18.15%, from $4.96 per share to $4.06 on October 25, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) due to a material weakness in its internal control over financial reporting, the Company had inaccurately reported cost of revenue and inventory metrics; and (ii) as a result of the foregoing the Company was reasonably likely to incur significant charges to restate prior reporting.
On October 24, 2023, SunPower disclosed a material weakness in its internal controls over financial reporting and that the Company would be restating certain previously issued financial statements for fiscal year 2022 and the first two quarters of 2023. SunPower explained that it had overstated the value of consignment inventory of certain microinverter components, causing it to understate the associated cost of revenue. On this news, the price of SunPower shares declined by $0.90, or approximately 18.15%, from $4.96 per share to $4.06 on October 25, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) due to a material weakness in its internal control over financial reporting, the Company had inaccurately reported cost of revenue and inventory metrics; and (ii) as a result of the foregoing the Company was reasonably likely to incur significant charges to restate prior reporting.