LOS ANGELES, June 21, 2017 (GLOBE NEWSWIRE) -- Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against SunPower Corporation (“SunPower” or the “Company”) (Nasdaq:SPWR) regarding possible violations of federal securities laws between February 17, 2016 through August 9, 2016 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the updated July 21, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may do nothing and be an absent class member as well.
According to the Complaint, throughout the Class Period, SunPower made materially false and misleading statements and/or failed to disclose: that a substantial number of its customers were adopting a longer-term timeline for project completion; that SunPower’s near-term economic returns were deteriorating due to aggressive PPA pricing by new market entrants; that market disruption in the YieldCo environment was affecting the Company’s assumptions related to monetizing deferred profits; that as a result, demand for SunPower’s products was significantly declining; that in response, the Company implemented a manufacturing realignment that would result in significant restructuring charges; that the Company’s fiscal year 2016 guidance was overstated; and that as a result of the above, SunPower’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. When this news was announced, shares of SunPower dropped in value materially, which caused investors harm according to the Complaint.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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