SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers of SunPower Corporation (NASDAQ: SPWR) securities between August 3, 2021 and January 20, 2022, inclusive (the “Class Period”) have until April 18, 2022 to seek appointment as lead plaintiff in Jaszczyszyn v. SunPower Corporation, No. 22-cv-00956 (N.D. Cal.). Commenced on February 16, 2022, the SunPower class action lawsuit charges SunPower and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered significant losses and wish to serve as lead plaintiff of the SunPower class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the SunPower class action lawsuit must be filed with the court no later than April 18, 2022.
CASE ALLEGATIONS: SunPower is a solar energy company that provides hardware, software, and financing options for customers.
The SunPower class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) certain connectors used by SunPower suffered from cracking issues; (ii) as a result, SunPower was reasonably likely to incur costs to remediate the faulty connectors; (iii) consequently, SunPower’s financial results would be adversely impacted; and (iv) thus, defendants’ positive statements about SunPower’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On January 20, 2022, SunPower announced that it had “identified a cracking issue that developed over time in certain factory-installed connectors.” SunPower “expects approximately $27 million of supplier-quality related charges in fourth quarter 2021 and approximately $4 million in the first quarter of 2022” to replace the faulty connectors. On this news, SunPower’s share price fell nearly 17%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased SunPower securities during the Class Period to seek appointment as lead plaintiff in the SunPower class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
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