NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action on behalf of purchasers and acquirers of Wolfspeed, Inc. (NYSE: WOLF) securities between August 16, 2023 and November 6, 2024, both dates inclusive (the “Class Period”). Wolfspeed is a semiconductor company focused on silicon carbide materials and the fabrication of devices for power applications.
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The Allegations: Rosen Law Firm is Investigating the Allegations that Wolfspeed, Inc. (NYSE: WOLF) Misled Investors Regarding its Business Operations.
The alleged representations in this action concern Wolfspeed’s Mohawk Valley, New York fabrication facility. The complaint alleges that defendants provided the public with revenue projections that depended on the Mohawk Valley fabrication facility ramping its production to meet and/or exceed demand for its 200mm wafer product.
According to the lawsuit, defendants provided these overwhelmingly positive statements to investors while simultaneously misrepresenting and/or concealing material adverse facts concerning the true state of Wolfspeed’s growth potential and, in particular, the operational status and profitability of the Mohawk Valley fabrication facility. First, to meet its publicly stated projections, Wolfspeed would have to cancel or otherwise indefinitely suspend planned future projects such as the facility in Saarland, Germany. Second, the Company would have to terminate a significant portion of its workforce and shutter its Durham, North Carolina fabrication facility. When the true details entered the market, the lawsuit claims that investors suffered damages.
What Now: You may be eligible to participate in the class action against Wolfspeed. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by January 17, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Rosen Law: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders.
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