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SunPower Corporation

Corporate Governance / Derivative

  • Date:
  • 12/28/2023
  • Company Name:
  • SunPower Corporation
  • Stock Symbol:
  • SPWR
  • Class Period:
  • FROM 3/9/2023 TO 10/24/2023
  • Status:
  • Filed
  • Filing Date:
  • 10/27/2023
  • Court:
  • U.S. District Court: Northern California

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Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against SunPower Corporation (NASDAQ: SPWR) on behalf of long-term stockholders following a class action complaint that was filed against SunPower on October 27, 2023 with a Class Period from March 9, 2023 to October 24, 2023. Our investigation concerns whether the board of directors of SunPower have breached their fiduciary duties to the company.

According to the filed complaint, throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misled investors by failing to disclose that: (1) due to a material weakness in its internal control over financial reporting, the Company had inaccurately reported cost of revenue and inventory metrics; (2) as a result of the foregoing, the Company was reasonably likely to incur significant charges to restate prior reporting; and (3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you are a long-term stockholder of SunPower, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out the form below. There is no cost or obligation to you.

The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in SunPower Corporation. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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