NEW YORK, Oct. 30, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in SunPower Corporation (“SunPower” or the “Company”) SPWR. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether SunPower and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On October 11, 2022, Bank of America downgraded SunPower stock from Neutral to Underperform, citing “underappreciated risks the outside panel is qualifying [SunPower spin-off Maxeon Solar’s] Channels affect revenue recognition. . . compounding the company’s challenging execution history.” The Bank of America analyst also said he was “confused[ion]” on SunPower’s power procurement strategy, stating that “earlier in the year, exclusivity was dubiously sacrificed for flexibility.”
As a result of this news, SunPower’s stock price fell $1.16 per share, or 5.4%, to close at $20.31 per share on October 11, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com.
CONTACT:
Robert S Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
