The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against SunPower Corporation (SPWR)

The Law Offices of Frank R. Cruz reminds investors of the upcoming April 18, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired SunPower Corporation (“SunPower” or the “Company”) (NASDAQ: SPWR) securities between August 3, 2021 and January 20, 2022, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On January 20, 2022, SunPower announced that it had “identified a cracking issue that developed over time in certain factory-installed connectors.” The Company “expects approximately $27 million of supplier-quality related charges in fourth quarter 2021 and approximately $4 million in the first quarter of 2022” to replace the faulty connectors.

On this news, the Company’s share price fell $3.22, or 16.9%, to close at $15.80 per share on January 21, 2022, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that certain connectors used by SunPower suffered from cracking issues; (2) that, as a result, the Company was reasonably likely to incur costs to remediate the faulty connectors; (3) that, as a result of the foregoing, SunPower’s financial results would be adversely impacted; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired SunPower securities during the Class Period, you may move the Court no later than April 18, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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