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SunPower Corporation (NASDAQ:SPWR) Investor Investigation Concerning Potential Violations Of Securities Laws Announced

  • If you purchased shares of SunPower Corporation (NASDAQ:SPWR), you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Investigation Overview

Company
SunPower Corporation
Security
NASDAQ: SPWRA

Summary

August 12, 2016 (Shareholders Foundation) - An investigation on behalf of investors of SunPower Corporation (NASDAQ:SPWR) shares over potential securities laws violations by SunPower and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of SunPower Corporation (NASDAQ:SPWR) concerning whether a series of statements by SunPower regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

SunPower Corporation reported that its Total Revenue declined from over $3.02 billion for the 52 weeks period that ended on December 28, 2014 to over $1.57 billion for the 53 weeks period that ended on January 3, 2016 and that its Net Income of $245.89 million for the 52 weeks period that ended on December 28, 2014 declined to a Net Loss of $187.02 million for the 53 weeks period that ended on January 3, 2016.

On August 9, 2016, SunPower Corporation announced its second quarter 2016 financial results. While the Company met expectations on certain financial figures, SunPower also forecast poor performance in the coming quarters. SunPower Corporation stated in relevant part, we see a number of near-term industry challenges, primarily in our power plant segment, that we expect to impact our business and financial performance in the second half of 2016. The extension of the Investment Tax Credit, as well as the bonus depreciation credit, while beneficial to the long-term health of the industry, has reduced the urgency to complete new solar projects by the end of 2016, with many customers adopting a longer-term timeline for project completion. Additionally, near-term economic returns have deteriorated due to aggressive PPA pricing by new market entrants, including a number of large, global independent power companies.

Shares of SunPower Corporation (NASDAQ:SPWR) declined from $30.77 per share in December 2015 to as low as $10.05 per share on August 11, 2016.

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