NEW YORK, Nov. 20, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of SunPower Corporation ("SunPower" or the "Company") (Nasdaq:SPWRA) stock during the period between April 17, 2008 and November 16, 2009, (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased SunPower common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by January 18, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that SunPower and certain of its officers and directors violated federal securities laws. Specifically, the financial statements and information issued by SunPower in its press releases, quarterly reports for 2008 and 2009 and annual report for the fiscal year 2008 were false and misleading because defendants included unsubstantiated accounting entries related to cost of goods sold in the Company's Philippines operations. On November 16, 2009, SunPower filed a report on Form 8-K with the SEC stating that because of accounting improprieties, previously issued financial statements for 2008 and 2009, should no longer be relied upon. On this news, SunPower's stock fell 19% to close at $22.19 on November 17, 2009.