An investigation for investors in NASDAQ:SPWR shares concerning potential breaches of fiduciary duties by certain directors and officers of SunPower was announced.
Investors who are current long term investors in SunPower Corporation (NASDAQ:SPWR) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NASDAQ:SPWR stocks follows a lawsuit filed recently against SunPower Corporation over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:SPWR stocks, concerns whether certain SunPower directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the Defendants made false and/or misleading statements and/or failed to disclose that a substantial number of the Company’s customers were adopting a longer-term timeline for project completion, that the Company’s near-term economic returns were deteriorating due to aggressive PPA pricing by new market entrants, that market disruption in the YieldCo environment was impacting the Company’s assumptions related to monetizing deferred profits, that, as such, demand for the Company’s products was significantly declining, that, in response, the Company would implement a manufacturing realignment that would result in significant restructuring charges, that, as such, the Company’s fiscal year 2016 guidance was overstated, and that, as a result of the foregoing, Defendants’ statements about SunPower’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
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.
On November 28, 2016, NASDAQ:SPWR shares closed at $7.13 per share.
Those who purchased NASDAQ:SPWR shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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