A lawsuit was filed on behalf of investors in SunPower Corporation (NASDAQ:SPWR) shares over alleged securities laws violations and NASDAQ:SPWR investors should contact the Shareholders Foundation, Inc.
San Diego, CA -- (SBWIRE) -- 08/22/2016 -- An investor, who purchased shares of SunPower Corporation (NASDAQ:SPWR), filed a lawsuit in California over alleged violations of Federal Securities Laws by SunPower Corporation.
Investors who purchased shares of SunPower Corporation (NASDAQ:SPWR) have certain options and for certain investors are short and strict deadlines running. Deadline: October 17, 2016. NASDAQ:SPWR investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that between February 17, 2016, and August 9, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that a substantial number of the Company's customers were adopting a longer-term timeline for project completion, that the Company's near-term economic returns were deteriorating due to aggressive PPA pricing by new market entrants, that market disruption in the YieldCo environment was impacting the Company's assumptions related to monetizing deferred profits, that, as such, demand for the Company's products was significantly declining, that, in response, the Company would implement a manufacturing realignment that would result in significant restructuring charges, that, as such, the Company's fiscal year 2016 guidance was overstated, and that, as a result of the foregoing, Defendants' statements about SunPower's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On August 9, 2016, SunPower Corporation announced its second quarter 2016 financial results. While the Company met expectations on certain financial figures, SunPower also forecast poor performance in the coming quarters. SunPower Corporation stated in relevant part, "we see a number of near-term industry challenges, primarily in our power plant segment, that we expect to impact our business and financial performance in the second half of 2016. The extension of the Investment Tax Credit, as well as the bonus depreciation credit, while beneficial to the long-term health of the industry, has reduced the urgency to complete new solar projects by the end of 2016, with many customers adopting a longer-term timeline for project completion. Additionally, near-term economic returns have deteriorated due to aggressive PPA pricing by new market entrants, including a number of large, global independent power companies." Shares of SunPower Corporation (NASDAQ:SPWR) declined from $30.77 per share in December 2015 to as low as $10.05 per share on August 11, 2016.
On August 19, 2016, NASDAQ:SPWR shares closed at $10.50 per share.
Those who purchased shares of SunPower Corporation have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego