NEW YORK, Sept. 09, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Wolfspeed, Inc. (“Wolfspeed” or the “Company”) (NYSE: WOLF). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Wolfspeed and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 16, 2023, Wolfspeed issued a press release reporting its financial results for the fourth quarter and full fiscal year 2023. Providing a weaker-than-expected business outlook for 2024, Wolfspeed said that it expects sales to fall within a range of $220 million to $240 million and that it expects to lose between $0.60 and $0.75 per share, significantly more than analyst expectations of a loss of $0.20 per share.
On this news, Wolfspeed’s stock price fell $9.07 per share, or 17.06%, to close at $44.10 per share on August 17, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
