The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of SunPower Corporation (NASDAQ: SPWR) who purchased shares between February 17, 2016 and August 9, 2016. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) a substantial number of SunPower's customers were adopting a longer-term timeline for project completion; (2) SunPower's near-term economic returns were deteriorating due to aggressive PPA pricing by new market entrants; (3) market disruption in the YieldCo environment was impacting SunPower's assumptions related to monetizing deferred profits; (4) as a result, demand for the Company's products was significantly decreasing; (5) in response, SunPower would implement a manufacturing realignment that would result in significant restructuring charges; and (6) consequently, the Company's fiscal year 2016 guidance was overstated.
Shareholders have until July 21, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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