BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith reminds investors of the upcoming July 21, 2017 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of a class of investors who purchased or otherwise acquired SunPower Corporation. (“SunPower” or the “Company”) (NASDAQ: SPWR) securities between February 17, 2016 and August 9, 2016, inclusive (the “Class Period”). SunPower investors have until July 21, 2017 to file a lead plaintiff motion.
According to the complaint filed in this class action lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) a substantial number of SunPower’s customers were adopting a longer-term timeline for project completion; (2) SunPower’s near-term economic returns were deteriorating due to aggressive PPA pricing by new market entrants; (3) market disruption in the YieldCo environment was impacting SunPower’s assumptions related to monetizing deferred profits; (4) as such, demand for SunPower’s products was significantly declining; (5) in response, SunPower would implement a manufacturing realignment that would result in significant restructuring charges; (6) as such, SunPower’s fiscal year 2016 guidance was overstated; and (7) as a result, defendants’ statements about SunPower’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased SunPower securities, you may move the Court no later than July 21, 2017 to request appointment as lead plaintiff in the putative class action lawsuit. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action lawsuit. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to this lawsuit, 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 [email protected], or visit our website at www.howardsmithlaw.com.
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