Bragar Eagel & Squire, P.C., a nationally recognized law firm specializing in shareholder rights, has launched an investigation into potential claims against SunPower Corporation (NASDAQ: SPWR) on behalf of long-term stockholders. This investigation follows the filing of a class action complaint against SunPower on October 27, 2023, covering the Class Period from March 9, 2023, to October 24, 2023.
Investigation Scope: Fiduciary Duties of the Board of Directors
The focus of Bragar Eagel & Squire, P.C.’s investigation is to determine whether the board of directors of SunPower Corporation has breached their fiduciary duties to the company.
Allegations from the Class Action Complaint
According to the filed complaint, defendants are accused of making materially false and/or misleading statements during the Class Period. The allegations include failure to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants are said to have misled investors by not revealing:
A material weakness in its internal control over financial reporting, leading to inaccuracies in reporting cost of revenue and inventory metrics.
The likelihood of incurring significant charges to restate prior reporting.
Consequently, defendants’ positive statements about the Company’s business, operations, and prospects are claimed to be materially misleading and/or lacking a reasonable basis.
Call to Action for Long-Term Stockholders
How to Participate: Long-term stockholders of SunPower are encouraged to engage with Bragar Eagel & Squire, P.C. if they have information, seek more details about the claims, or have any questions regarding their rights or interests in these matters.
In conclusion, Bragar Eagel & Squire, P.C. aims to scrutinize potential breaches of fiduciary duties by SunPower Corporation’s board of directors, urging long-term stockholders to actively participate in the investigation to ensure accountability and transparency.
Source: businesswire.com
