Bronstein, Gewirtz & Grossman, LLC and The Law Offices of Vincent Wong have issued notifications to remind investors about the class action lawsuit filed against SunPower Corporation (NASDAQ:SPWR).
The two legal firms issued the notifications about the SunPower lawsuit and encouraged investors to follow up the case via the company’s website. The class action lawsuit with the intention of recovering damages against defendants for allegedly violating the federal securities laws as per the Securities and Exchange Act of 1934. The complaint purports that the defendants presented false and misleading statements during the duration of the class action.
The complaint argues that a series of vital information was not disclosed
The complaint also states that the defendants failed to disclose various aspects including the fact that a significant number of the company’s customers had taken up a long-term timeline for the completion of the project. The defendant also did not disclose that SunPower’s short term economic returns were weakening due to aggressive PPA pricing from new players in the market.
The complaint also claims that the company failed to reveal that its assets related to monetizing deferred profits were impacted by the market disruption in the YieldCo environment. This led to declining demand for SunPower’s products and the company also failed to reveal this. Subsequently, the firm adopted a manufacturing realignment strategy that in turn led to restructuring charges, thus leading to an overstated guidance for the 2016 fiscal year. Those who suffered a loss in the company have been the 21st of this month to make a request for the court to appoint them as lead plaintiffs.
“Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff,” stated the announcement.
The class action has already been filed and investors who would like to review a copy have been advised to visit the two company’s website. Alternatively, they can retrieve any information regarding the SunPower lawsuit from any of the legal representatives involved in the case.
SunPower stock closed the latest trading session on Monday at $8.90 after a 1.83 percent gain compared to the value of the stock during the previous close.