Class Action Suit Filed Against SunPower Corp for Federal Securities Violations
(BUSINESS WIRE)--Law Offices of Howard G. Smith, representing investors of SunPower Corporation, has filed a class action lawsuit in United States District Court on behalf of all persons or entities who purchased SunPower securities between April 17, 2008 and November 16, 2009.
The Complaint charges SunPower and certain of the Company's executive officers with violations of federal securities laws. SunPower designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded and failed to disclose or indicate the following: (1) that the Company made unsubstantiated accounting entries during the Class Period; (2) that, as a result, the Company's financial results were overstated during the Class Period; (3) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (4) that the Company lacked adequate internal and financial controls; and (5) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On November 16, 2009, SunPower shocked investors when it announced an internal investigation by its Audit Committee of certain unsubstantiated accounting entries related to cost of goods sold in the Company's Philippines operations. SunPower disclosed that the Company's Audit Committee concluded that the Company's previously issued interim financial statements for each of the 2009 quarterly periods, the previously reported financial results for the fiscal year ending December 28, 2008, the financial information in its quarterly reports for the 2009 quarters, the financial information in the 2008 annual report, and the guidance provided by the Company for the 2009 fiscal year, should no longer be relied upon. This news caused SunPower's Class A common stock to decline $5.04 per share, or approximately 18.51%, to close on November 17, 2009, at $22.19 per share, and SunPower's Class B common stock declined $4.43 per share, approximately 18.54%, to close on November 17, 2009, at $19.47 per share, on heavy trading volume.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to [email protected] or visit our website at http://www.howardsmithlaw.com.