Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against SunPower Corporation (SPWR)


NEW YORK, Aug. 22, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against SunPower Corporation (“SunPower” or the “Company”) (Nasdaq:SPWR) in the United States District Court for the Northern District of California on behalf of purchasers of common stock of SunPower between February 17, 2016 through August 9, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

According to the Complaint, Defendants issued false and misleading statements to investors and/or failed to disclose 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; (3) market disruption in the YieldCo environment was impacting SunPower’s assumptions related to monetizing deferred profits; (4) demand for SunPower’s products was significantly declining; (5) in response, SunPower would implement a manufacturing realignment that would result in significant restructuring charges; (6) SunPower’s fiscal year 2016 guidance was overstated; and (7) as a result, Defendants’ statements about SunPower’s business, operations and prospects were materially false and misleading.  When the true details entered the market, the lawsuit claims that investors suffered damages.

If you wish to serve as lead plaintiff, you must move the Court no later than October 17, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.