SunPower Corporation (NASDAQ: SPWR)

This lawsuit is for anyone who acquired securities in SunPower Corporation (NASDAQ: SPWR) from March 9, 2023 through October 24, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had proper financial controls in place to prevent improper accounting but then by significantly overvaluing the Company’s inventory.

On September 13, 2023, SunPower disclosed that its vice president, corporate controller, and principal accounting officer of the Company, Vichheka Heang, had resigned, effective October 15, 2023. Then, on October 24, 2023, SunPower announced that financial statements from 2022 and the first two quarters of 2023 should no longer be relied upon due to “a material weakness” in the Company’s internal control over financial reporting. The Company plans to restate the results, disclosing that it “preliminarily determined that the value of consignment inventory of microinverter components at certain third-party locations had been overstated in the Affected Periods in the range of approximately $16 million to $20 million, resulting in the associated cost of revenue being understated.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in SunPower Corporation (NASDAQ: SPWR) from March 9, 2023 through October 24, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.