San Diego, CA -- (SBWire) -- 03/01/2022 --The Shareholders Foundation announced that an investor, who purchased shares of SunPower Corporation (NASDAQ: SPWR), filed a lawsuit over alleged violations of Federal Securities Laws by SunPower Corporation in connection with certain allegedly false and misleading statement.
Investors who purchased shares of SunPower Corporation (NASDAQ: SPWR) have certain options and for certain investors are short and strict deadlines running. Deadline: April 18, 2022. NASDAQ: SPWR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On January 20, 2022, SunPower Corporation announced that it had "identified a cracking issue that developed over time in certain factory-installed connectors." SunPower "expects approximately $27 million of supplier-quality related charges in fourth quarter 2021 and approximately $4 million in the first quarter of 2022" to replace the faulty connectors.
Shares of SunPower Corporation (NASDAQ: SPWR) declined from $34.61 per share on November 1, 2021, to as low as $14.32 per share on January 24, 2022.
The plaintiff claims that between August 3, 2021 and January 20, 2022, the defendants made false and misleading statements and failed to disclose that certain connectors used by SunPower suffered from cracking issues, that as a result, SunPower was reasonably likely to incur costs to remediate the faulty connectors, that consequently, SunPower's financial results would be adversely impacted, and that thus, defendants' positive statements about SunPower's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of SunPower Corporation (NASDAQ: SPWR) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
SunPower Corporation (NASDAQ:SPWR) Investor Alert: Lawsuit Alleges Securities Laws Violations
A lawsuit was filed on behalf of investors in SunPower Corporation (NASDAQ:SPWR) shares over alleged securities laws violations.