NEW YORK, March 02, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of SunPower Corporation (“SunPower” or the “Company”) (NASDAQ: SPWR). A complaint has been filed on behalf of investors who purchased or otherwise acquired SunPower securities between August 3, 2021 and January 20, 2022, inclusive (the “Class Period”).
On January 21, 2022, SunPower issued a press release revealing that the company had "identified a cracking issue that developed over time in certain factory-installed connectors within third-party commercial equipment supplied to SunPower." As a result, the Company reported that "SunPower expects approximately $27 million of supplier-quality related charges in fourth quarter 2021 and approximately $4 million in the first quarter of 2022" to replace the faulty connectors as it pursues recovery of costs from the suppliers.
Following this news, SunPower stock fell $3.22 per share, or 16.9%, to close at approximately $15.80 per share on January 21, 2022.
If you are a member of the proposed Class, you may move the court no later than April 18, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
