BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their SunPower investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
The complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and 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 a result, demand for the Company's products was significantly decreasing; (5) in response, SunPower would implement a manufacturing realignment that would result in significant restructuring charges; (6) consequently, the Company's fiscal year 2016 guidance was overstated; and (7) therefore, Defendants' statements about SunPower's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
If you purchased shares of SunPower during the Class Period you may move the Court no later than July 21, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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. 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 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 [email protected], or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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