This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:The Pomerantz Firm Files Class Action Against SunPower Corporation -- SPWRA, SPWRB 2009-11-25 14:17 ET - News Release NEW YORK, Nov. 25, 2009 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") has filed a class action lawsuit in the United States District Court, Northern District of California, against SunPower Corporation ("SunPower" or the "Company") (Nasdaq:SPWRA) (Nasdaq:SPWRB) and certain of its top officials. The class action (09-CV-05520) was filed on behalf of purchasers of the securities of the Company between April 17, 2008 and November 16, 2009, both dates inclusive (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder.
SunPower designs, manufactures and markets solar electric power technologies worldwide. The Complaint alleges that throughout the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, the Complaint alleges the defendants included unsubstantiated accounting entries related to cost of goods sole in the Company's Philippines operations. As a result of the challenged statements, SunPower's common stock traded at artificially inflated prices throughout the Class Period.
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