Key Developments For SunPower Corporation
SunPower Corporation (SPWRB.O) (Nasdaq)
The Pomerantz Firm Files Class Action Against SunPower Corporation
Pomerantz Haudek Grossman & Gross LLP announced that it has filed a class action lawsuit in the United States District Court, Northern District of California, against SunPower Corporation and certain of its top officials. The class action (09-CV-05520) was filed on behalf of purchasers of the securities of the Company between April 17, 2008 and November 16, 2009, both dates inclusive (the class period). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder. The Complaint alleges that throughout the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, the Complaint alleges the defendants included unsubstantiated accounting entries related to cost of goods sole in the Company's Philippines operations. As a result of the challenged statements, SunPower's common stock traded at artificially inflated prices throughout the Class Period.
Hagens Berman Files Class Action Lawsuit Against SunPower Corporation
Hagens Berman Sobol Shapiro`s San Francisco office announced that it has filed a class action lawsuit in the United States District Court for the Northern District of California against SunPower Corporation. The 83-page lawsuit, filed jointly with co counsel, seeks class status for all investors who purchased SunPower shares between April 17, 2008 and Nov. 16, 2009.
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against SunPower Corporation
Glancy Binkow & Goldberg LLP announced that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class consisting of all persons or entities who purchased the securities of SunPower Corporation between April 17, 2008 and November 16, 2009, inclusive (the Class Period). The Complaint charges SunPower and certain of the Company`s executive officers with violations of federal securities laws. SunPower designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning SunPower`s financial performance were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company made unsubstantiated accounting entries during the Class Period; (2) that, as a result, the Company`s financial results were overstated during the Class Period; (3) that the Company`s financial results were not prepared in accordance with Generally Accepted Accounting Principles (GAAP); (4) that the Company lacked adequate internal and financial controls; and (5), as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
Izard Nobel LLP Announces Class Action Lawsuit Against SunPower Corporation
The law firm of Izard Nobel LLP announced that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of those who purchased the common stock of SunPower Corporation, between April 17, 2008, and November 16, 2009, (the Class Period). The Complaint charges that SunPower and certain of its officers and directors violated federal securities laws. Specifically, the financial statements and information issued by SunPower in its press releases, quarterly reports for 2008, and 2009 and annual report for the fiscal year 2008, were false and misleading because defendants included unsubstantiated accounting entries related to cost of goods sold in the Company's Philippines operations.
Shalov Stone Bonner & Rocco LLP Announces Class Action Against SunPower Corporation
Shalov Stone Bonner & Rocco LLP announced that a class action lawsuit has been filed on behalf of all persons who purchased or otherwise acquired the publicly traded securities of SunPower Corporation from April 17, 2008 through November 16, 2009, inclusive (Class Period). The lawsuit is pending in the United States District Court for the Northern District of California against SunPower and others. According to the complaint, during the Class Period defendants issued materially false and misleading financial statements, press releases and Securities and Exchange Commission (SEC) filings. Specifically, the complaint alleges that defendants reported unsubstantiated accounting entries relating to the cost of goods sold in connection with the Company's Philippines operations. The complaint further alleges that the Company's internal controls over financial reporting were materially deficient, and contrary to the certifications defendants issued as required by the Sarbanes-Oxley Act of 2002. As a result of defendants' materially false and misleading statements, SunPower's securities traded at artificially inflated prices during the Class Period.
