SAN DIEGO, March 2, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudmann & Dowd LLP announces that purchasers or acquirers of securities of SunPower Corporation (NASDAQ: SPWR) between August 3, 2021 and January 20, 2022the two dates included (the “Class Period”) have until April 18, 2022 to seek appointment as lead applicant in Jaszczyszyn c. Sun Power Corporation, no. 22-cv-00956. Started in the northern district of California to February 16, 2022the Sun Power A class action lawsuit accuses SunPower and some of its top executives of violating the Securities Exchange Act of 1934.
If you have suffered significant losses and wish to act as the lead plaintiff of the Sun Power class action, please provide your information by clicking here. You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing jsanchez@rgrdlaw.com. Principal Applicant’s Requests for Sun Power class action must be filed with the court no later than April 18, 2022.
CASE ALLEGATIONS: SunPower is a solar energy company that provides hardware, software and financing options to its customers.
the Sun Power The class action alleges that, throughout the Class Period, the defendants made false and misleading statements and failed to disclose that: (i) certain connectors used by SunPower suffered from cracking issues; (ii) as a result, SunPower was reasonably likely to incur costs to remedy the defective connectors; (iii) as a result, SunPower’s financial results would be negatively impacted; and (iv) therefore, defendants’ positive statements regarding SunPower’s business, operations and prospects were materially misleading and/or lacked reasonable basis.
At January 20, 2022, SunPower announced that it has “identified a cracking issue that has developed over time in some factory-installed connectors.” SunPower “expects approximately $27 million charges related to supplier quality in the fourth quarter of 2021 and around $4 million in the first quarter of 2022″ to replace the failed connectors. On this news, SunPower’s stock price fell nearly 17%, hurting investors.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased SunPower securities during the Class Period to seek appointment as lead plaintiff in the Sun Power class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action. The lead plaintiff may select a law firm of their choice to litigate the class action. An investor’s ability to share in any potential future class action recovery does not depend on its status as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller’s lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Dry. Dispute. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller first for his recovery $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiff company. Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
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JC Sanchez, 800-449-4900
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SOURCE Robbins Geller Rudman & Dowd LLP
