Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into SunPower Corporation (NasdaqGS: SPWR).
On October 24, 2023, the Company disclosed a material weakness in its internal controls over financial reporting such that investors should no longer rely upon its audited financial statements included in the Company’s Form 10-K for the period ended January 1, 2023 (the “2022 10-K”), the unaudited financial statements included in the Company’s Form 10-Q for the period ended April 2, 2023 (the “Q1 2023 10-Q”), the unaudited financial statements included in the Company’s Form 10-Q for the period ended July 2, 2023 (the “Q2 2023 10-Q”), and any communications describing or based upon those financial Statements, which statements would be restated, due to the value of consignment inventory of certain microinverter components being overstated, causing it to understate the associated cost of revenue.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether SunPower’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of SunPower shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-spwr/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit ksfcounsel.com.
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Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
