Company Website:
http://www.powerstaylor.com
DALLAS -- (Business Wire)
Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor LLP announce that a federal class action lawsuit has been
filed against SunPower Corporation (“SunPower”) (NASDAQ: SPWR) and
several officers and directors for acts taken during the period of
February 17, 2016 to August 9, 2016 (the “Class Period”).
Based upon the allegations in the class action, the firms are
investigating additional legal claims against the officers and Board of
Directors of SunPower. If you are an affected SunPower shareholder and
want to learn more about the lawsuit or join the action, contact Willie
Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com,
Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com,
or call toll free at (877) 728-9607. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated
certain provisions of the Securities Exchange Act of 1934. Specifically,
the complaint alleges, among other things, that defendants made false
and/or misleading statements and/or failed to disclose: (1) that a
substantial number of the its customers were adopting a longer-term
timeline for project completion; (2) that its near-term economic returns
were deteriorating due to aggressive PPA pricing by new market entrants;
(3) that market disruption in the YieldCo environment was impacting
SunPower’s assumptions related to monetizing deferred profits; (4) that,
as such, demand for its products was significantly declining; (5) that,
in response, the Company would implement a manufacturing realignment
that would result in significant restructuring charges; (6) that, as
such, SunPower’s fiscal year 2016 guidance was overstated; and (7) 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.
SunPower announced its second quarter 2016 financial results on August
9, 2016, in which it disclosed the existence of several factors
negatively impacting the Company’s performance, including “customers
adopting a longer-term timeline for project completion,” “aggressive
[Power Purchase Agreement (“PPA”)] pricing by new market entrants,” and
“continued market disruption in the YieldCo environment.” SunPower also
announced a manufacturing realignment which is expected to result in
restructuring charges totaling $30-$45 million, a substantial portion of
which would be incurred in the third quarter of 2016. Finally, SunPower
disclosed that it was substantially decreasing its fiscal year 2016
guidance—expecting a net loss of $175 million to $125 million, rather
than the earlier-forecasted net income of $0 to $50 million. SunPower
stock dropped significantly immediately following this announcement.
The
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Powers
Taylor LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160823006021/en/
Contacts:
The Briscoe Law Firm, PLLC
Willie Briscoe, 877-728-9607
shareholders@thebriscoelawfirm.com
or
Powers
Taylor LLP
Patrick Powers, 877-728-9607
shareholder@powerstaylor.com
Source: Powers Taylor LLP
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