New York, New York–(Newsfile Corp. – July 31, 2023) – Pomerantz LLP is investigating claims on behalf of investors of SunPower Corporation (“SunPower” or the “Company”) NASDAQ: SPWR. Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether SunPower and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On July 26, 2023, SunPower issued a press release reporting preliminary second quarter 2023 results and providing updated guidance. In the press release, SunPower cut its fiscal year 2023 guidance for adjusted EBITDA to $55 million to $75 million, down sharply from its previous forecast of $125 million to $155 million, and disclosed that it was implementing a cost-cutting plan that will reduce its workforce by approximately 140 employees, comprising 5% of its labor costs.

On this news, SunPower’s stock price fell $1.77 per share, or 15.78%, to close at $9.45 per share on July 26, 2023.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/175560