STEVENSON, Md., Sept. 12, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of SunPower Corporation (NASDAQ: SPWR ) (“SunPower” or the “Company”) securities during the period between February 17, 2016 and August 9, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until October 17, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in SunPower securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that a substantial number of the Company’s customers were adopting a longer-term timeline for project completion, the Company’s near-term economic returns were deteriorating due to aggressive Power Purchase Agreement (“PPA”) pricing by new market entrants, the market disruption in the YieldCo environment was impacting the Company’s assumptions related to monetizing deferred profits, and demand for the Company’s products was significantly declining, which would result in its fiscal year guidance being overstated due to the Company having to implement a manufacturing realignment leading to significant restructuring charges.
According to the complaint, following an August 9, 2016 press release disclosing the existence of factors negatively impacting the Company’s performance, including customers adopting a longer-term timeline for project completion, aggressive PPA pricing, and continued market disruption, and that the Company would be completing a manufacturing realignment which would result in restructuring charges, causing the Company to substantially decrease its fiscal year 2016 guidance, the value of SunPower shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in SunPower securities purchased on or after February 17, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
