NEW YORK, Aug. 18, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against SunPower Corp. ("SunPower" or the "Company") (NASDAQ: SPWR) and certain of its officers. The class action is on behalf of a class consisting of all persons or entities who purchased Concordia securities between February 17, 2016 through August 9, 2016, inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
SunPower is and American energy company that designs and manufactures sustainable energy products to residential customers, businesses, and institutions.
On August 9, 2016, SunPower released its second quarter 2016 financial results. SunPower did meet some of its projected expectations but also forecast predicted a drop in its coming quarters. SunPower said in part, "we see a number of near-term industry challenges, primarily in our power plant segment, that we expect to impact our business and financial performance in the second half of 2016. The extension of the Investment Tax Credit, as well as the bonus depreciation credit, while beneficial to the long-term health of the industry, has reduced the urgency to complete new solar projects by the end of 2016, with many customers adopting a longer-term timeline for project completion. Additionally, near-term economic returns have deteriorated due to aggressive PPA pricing by new market entrants, including a number of large, global independent power companies."
Following this news SunPower stock dropped $4.47 per share, or over 30%, to close at $10.31 on August 10, 2016
The Complaint alleges that throughout the Class Period, Defendants made false and misleading statements and/or failed to disclose: (1) that many of the Company's customers were adopting a longer-term timeline for project completion; (2) that SunPower's near-term economic returns were weakening due to forceful PPA pricing by new market competitors; (3) that market disruption in the YieldCo environment was affecting SunPower's assumptions related to monetizing deferred profits; (4) that the need for SunPower's products was significantly declining; (5) that SunPower would implement a manufacturing realignment that would result in significant restructuring charges; (6) that the Company's fiscal year 2016 guidance was inflated; and (7) consequently, SunPower's statements regarding its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/spwr or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC