NEW YORK--(BUSINESS WIRE)--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of owners of the securities of SunPower Corporation. (“SunPower” or the “Company”) (NASDAQGS:SPWR), concerning whether the company and certain of its officers and directors have breached their fiduciary duties and committed other violations of law in connection with the acquisition Tenesol SA and the sale of its shares to Total SA (“Total”).
On Friday, December 23, 2011, Solar cell maker SunPower said that it will buy the solar panel-making unit of Total for $165.4 million in cash. The Total unit, Tenesol SA, is based in La Tour de Salvagny, France, and has operations in 18 countries with solar panel manufacturing facilities in France and South Africa. Total also agreed to buy 18.6 million shares of SunPower stock for $8.80 each, a 50 percent premium to Thursday's closing price. This will increase Total’s stake in SunPower from around 60 percent to around 66 percent after the deal closes, which is expected early next year. Total’s stock purchase of SunPower is approximately $163.7 million, almost the same amount as SunPower’s cash purchase of Tenesol. One analyst says "the deal is really a wash between SunPower and its majority owner."
The investigation concerns whether SunPower’s board of directors insured that the Company maximized shareholder value and obtained the best price possible for SunPower shareholders before entering into the agreement with Total.
If you are aware of any facts relating to this investigation, or own shares of SunPower Corp., you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of both class and individual litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate work, litigation and securities arbitration.