SUNPOWER ALERT: Bragar Eagel & Squire, PC investigates SunPower Corporation on behalf of long-term shareholders, encourages investors to contact firm – Lawyer Monthly
NEW YORK–(BUSINESS WIRE)–#Stock–Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against SunPower Corporation (NASDAQ: SPWR) on behalf of long-term shareholders following of a class action lawsuit filed against SunPower on February 16, 2022. with a class action period from August 3, 2021 to January 20, 2022. Our investigation focuses on whether SunPower’s Board of Directors has breached its obligations trustees to the company.
On January 20, 2022, SunPower announced that it had “identified a cracking issue that has developed over time in certain factory-installed connectors.” The company “expects approximately $27 million in vendor quality charges in Q4 2021 and approximately $4 million in Q1 2022” to replace failed connectors.
Following this news, the Company’s share price fell $3.22, or 16.9%, to close at $15.80 per share on January 21, 2022, on unusually high trading volume. raised.
The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, the defendants failed to disclose to investors: (1) that certain connectors used by SunPower suffered from cracking issues; (2) that as a result, the Company was reasonably likely to incur costs to remedy the defective connectors; (3) that as a result of the foregoing, SunPower’s financial results would be adversely affected; and (4) that as a result of the foregoing, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis.
If you are a long-term shareholder of SunPower, have information, want to know more about these claims, or have any questions regarding this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra B. Raymond by email at [email protected], or by phone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation before state and federal courts across the country. For more company information, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.
Bragar Eagel & Squire, CP
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.