SunPower Corporation (SPWR) Failed to Disclose Certain of its Connectors Suffered from Cracking Issues
A shareholder filed a class action on behalf of persons or entities that purchased or otherwise acquired SunPower Corporation (NASDAQ: SPWR) securities between August 3, 2021 and January 20, 2022, for violations of the Securities Exchange Act of 1934. SunPower is a solar energy company.
According to the complaint, on January 20, 2022, SunPower announced it had “identified a cracking issue that developed over time in certain factory-installed connectors.” The Company “expects approximately $27 million of supplier-quality related charges in the fourth quarter 2021 and approximately $4 million in the first quarter of 2022” to replace faulty connectors. On this news, shares of SunPower stock fell $3.22, or almost 17%, to close at $15.80 per share on January 21, 2022.
Next Steps: If you purchased shares of SunPower Corporation (SPWR) between August 3, 2021, and January 20, 2022, you have until April 18, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.