SAN FRANCISCO, Oct. 07, 2016 (GLOBE NEWSWIRE) — Hagens Berman Sobol Shapiro LLP reminds investors in SunPower Corporation (NASDAQ:SPWR) of the October 17, 2016 Lead Plaintiff deadline in the securities class action lawsuit filed in the U.S. District Court for the Northern District of California.
If you purchased or otherwise acquired securities of SPWR between February 17, 2016 and August 9, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit: https://www.hbsslaw.com/cases/SPWR or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
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On August 9, 2016, SunPower abruptly reduced its fiscal year 2016 net income guidance of up to $50 million to a loss of between $125 million and $175 million. SunPower’s share price plummeted nearly 30% on August 10, 2016 in response.
The same day, an earnings analyst asked SunPower CEO Tom Werner when Company executives knew about the problems underlying the guidance reduction and Werner answered in part, “market developments in our case…materialized in May and beyond.”
Two SunPower directors resigned on September 15, 2016 and shortly thereafter the Company’s Senior VP, Corporate Controller and Chief Accounting Officer communicated his intention to leave the Company in October.
“We continue to investigate reasons underlying SunPower’s abrupt reversal from the May 2016 net income guidance to the current August 2016 net loss guidance, including when in May Werner knew about the adverse developments,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding SunPower should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.