Law Offices of Howard G. Smith announces an investigation on behalf of SunPower Corporation (“SunPower” or the “Company”) (NASDAQ: SPWR) investors concerning the Company’s possible violations of federal securities laws.
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, SunPower’s stock price fell $0.90, or 18.1%, to close at $4.06 per share on October 25, 2023, thereby injuring investors.
If you purchased SunPower securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20231026590558/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
