POMERANTZ LLP ANNOUNCE A PROPOSED CLASS ACTION SETTLEMENT REGARDING PURCHASES OF SUNPOWER SECURITIES

NEW YORK, March 16, 2026 /PRNewswire/ --

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN FRANCISCO DIVISION

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: All persons and entities who purchased or otherwise acquired SunPower common stock, or purchased or traded other SunPower securities, between May 3, 2023 and July 19, 2024, both dates inclusive, and were allegedly damaged thereby (the "Settlement Class").

PLEASE READ THIS NOTICE CAREFULLY, AS YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Long Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Long Notice"). In the Action, Plaintiffs allege that Defendants (three former officers of SunPower Corporation ("SunPower")) made materially false and misleading statements and omissions regarding SunPower's financial health that artificially inflated SunPower's common stock price between May 3, 2023 and July 19, 2024 in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Defendants deny these allegations and any wrongdoing.

YOU ARE ALSO NOTIFIED that Plaintiffs in the Action have reached a proposed settlement of the Action for $11,000,000 (the "Settlement"), that, if approved, will resolve all claims in the Action.

A hearing will be held in person and via Zoom, on August 25, 2026 at 1:30pm, before the Honorable Rita F. Lin in Courtroom 15, 18th Floor, United States District Court for the Northern District of California, Phillip Burton Federal Building, 450 Golden Gate Avenue, San Francisco, CA 94102, and at the Zoom link , to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation of Settlement dated January 9, 2026 and amended on February 10, 2026 (and in the Long Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Plaintiffs' Counsel's application for an award of attorneys' fees and reimbursement of Litigation Expenses (as defined in the Stipulation of Settlement) should be approved. The Court reserves the right to hold the hearing telephonically or by other virtual means. The date and time of the hearing may change without further notice to the Settlement Class. Any order changing the date or time of the hearing will be posted on the Settlement website, www.SunPowerSecuritiesSettlement.com.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Long Notice and Proof of Claim Form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator at [email protected]. Copies of the Long Notice and Claim Form will be available for download from the website maintained by the Claims Administrator, www.SunPowerSecuritiesSettlement.com.

If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form to the Claims Administrator postmarked no later than July 26, 2026 or submitted electronically by 11:59 p.m. EDT on July 26, 2026. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than August 4, 2026 by the Claims Administrator, in accordance with the instructions set forth in the Long Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. If you do not properly exclude yourself from the Settlement Class, you will be bound by such judgments or orders.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Plaintiffs' Counsel's motion for attorneys' fees and reimbursement of Litigation Expenses (as defined in the Stipulation of Settlement), must be in writing and filed either electronically, in person at any location of the United States District Court for the Northern District of California, or by mail with the Clerk of the Court such that they are received no later than August 4, 2026:

Clerk's Office 
United States District Court 
for the Northern District of California
Clerk of the Court
Phillip Burton Federal
Building
450 Golden Gate Avenue
16th floor
San Francisco, CA 94102

A Settlement Class Member who submits a written objection may enter an appearance through an attorney if the Settlement Class Member so desires. The requirement to submit a written objection as a prerequisite to appearing in Court to object to the Settlement may be excused upon a showing of good cause. The Court will require only substantial compliance with the requirements for submitting an objection. The Court can only approve or deny the Settlement and cannot change the terms of the Settlement.

Please do not contact the Court, the Clerk's office, SunPower, or Defendants or their counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Plaintiffs' Counsel or the Claims Administrator. The case docket may be accessed via PACER or in person at the Clerk's office. Additional information will be available on the Settlement website, www.SunPowerSecuritiesSettlement.com.

BY ORDER OF THE COURT 
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN FRANCISCO DIVISION

Dated: March 16, 2026

SOURCE Pomerantz LLP