SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Shareholders of SunPower Corp. of a Class Action Lawsuit & a Lead Plaintiff ...
September 23 2016 - 9:37AM
Business Wire
The following statement is being issued by Levi & Korsinsky,
LLP:
To: All persons or entities who purchased or otherwise
acquired securities of SunPower Corporation (NASDAQ:SPWR)
between February 17, 2016 and August 9,
2016.
You are hereby notified that a securities class action
has commenced in the USDC for the Northern District of California.
If you purchased or otherwise acquired SunPower securities between
February 17, 2016 and August 9, 2016, your rights may be affected
by this action. To get more information go to:
http://www.zlk.com/pslra/sunpower-corporation.
The complaint alleges that SunPower made false and/or misleading
statements and/or failed to disclose that: (1) a substantial number
of the Company’s customers were adopting a longer-term timeline for
project completion; (2) the Company’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 the Company’s assumptions related to monetizing deferred
profits; (4) as such, demand for the Company’s products was
significantly declining; and (5) in response, the Company would
implement a manufacturing realignment that would result in
significant restructuring charges.
On August 9, 2016, SunPower announced it would decrease its
fiscal year 2016 guidance from a net income of between $0 and $50
million, to a net loss of between $175 and $125 million.
If you suffered a loss in SunPower you have until
October 17, 2016 to request that
the Court appoint you as lead plaintiff. Your ability to share in
any recovery doesn’t require that you serve as a lead plaintiff. To
obtain additional information, contact Joseph E. Levi, Esq. either
via email at jlevi@zlk.com or by telephone at (212) 363-7500,
toll-free: (877) 363-5972, or visit
http://www.zlk.com/pslra/sunpower-corporation.
Levi & Korsinsky is a national firm with offices in New
York, New Jersey, California, Connecticut, and Washington D.C. The
firm’s attorneys have extensive experience representing investors
in securities litigation involving financial fraud, and have
recovered hundreds of millions of dollars for aggrieved
shareholders. Attorney advertising. Prior results do not guarantee
similar outcomes.
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version on businesswire.com: http://www.businesswire.com/news/home/20160923005449/en/
Levi & Korsinsky, LLPJoseph E. Levi, Esq.Tel:
212-363-7500Toll Free: 877-363-5972Fax: 212-363-7171www.zlk.com
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