2009-11-23 19:05:58 - Lawsuit on behalf of investors in SunPower Corporation (Public, NASDAQ:SPWRA) over alleged securities laws violations by SunPower Corp – Deadline: January 15, 2010 – Contact the Shareholders Foundation, Inc.

An investor in SunPower Corporation (Public, NASDAQ:SPWRA) filed a lawsuit in the United States District Court for the Northern District of California on behalf of purchasers of SunPower Corporation (NASDAQ:SPWRA; NASDAQ:SPWRB) publicly traded securities during the period between April 17, 2008 and November 16, 2009, against SunPower Corp. and others over alleged violations of Federal Securities Laws.

If you purchased SunPower Corporation (NASDAQ:SPWRA; NASDAQ:SPWRB) publicly traded securities during the period between April 17, 2008 and November 16, 2009, you have certain options and there are strict and short deadlines running. Deadline: January 15, 2010. Those SunPower shareholders and current long term SunPower Corp. investors should contact the Shareholders Foundation, Inc at email: mail(at)shareholdersfoundation.com or at: +1 (858) 779 – 1554.

According

to the complaint the plaintiff alleges that SunPower Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between April 17, 2008 and November 16, 2009 materially false and misleading financial statements, press releases and SEC filings. Then on November 16, 2009, after the market closed, SunPower disclosed an internal investigation by its Audit Committee of the Company’s accounting relating to the cost of goods sold at the Company’s Philippine manufacturing operations. The November 16, 2009 press release states, among other things, as follows: “Based upon the preliminary findings of the ongoing investigation, the Audit Committee to date has identified accounting entries in the Philippines that may have overstated expenses in its cost of goods sold of approximately $1 million in the first quarter ending March 29, 2009, and understated expenses in its cost of goods sold of approximately $14 million in the second quarter ending June 28, 2009 and approximately $2 million in the third quarter ending September 27, 2009…If the preliminary investigation findings prove to be final, they could impact the company’s previously reported interim 2009 financial results. The company is also in the process of evaluating the financial impact of these adjustments on its previously reported results for the fiscal year and interim periods ended December 28, 2008. The company currently estimates that approximately $9 million of the identified accounting entries should have been recorded in 2008.” On November 16, 2009, SunPower also filed a Form 8-K with the SEC, which states that the financial statements and 10-Qs for each of the 2009 quarterly periods, the previously reported year-end financial results and 10-K for the year ended December 28, 2008, as well as the guidance provided by the Company for the 2009 fiscal year “should no longer be relied upon.” Additionally the Form 8-K states as follows: ”The Company and Audit Committee are also evaluating whether the accounting issues under investigation were the result of one or more material weaknesses in the operation of the Company’s internal controls over financial reporting.” On November 17, 2009, SunPower’s Class A common stock declined by $5.04 per share, or 18.5%, to close at $22.19 per share and SunPower’s Class B common stock declined by $4.43 per share, or 18.5%, to close at $19.47 per share, in each case on substantially greater than average volume.
SunPower Corporation, located in San Jose, California, is a vertically integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies. The Company operates through two segments: components segment and systems segment. SunPower Corporation reported in 2007 Total Revenue of $774.79million with a Net Income of $9.20million and in 2008 Total Revenue of $1.43492billion with a Net Income of $92.29million. Shares of SunPower Corporation traded recently at $22.08 per share (SPWRA) and $19.09 per share (SPWRB). SPWRA shares were down from its 52weekHigh of $46.30 per share, almost $100 per share in 2008, and over $130 per share in 2007. SPWRB shares were down form its 52weekHigh of $39.23 per share. Those who purchased SunPower Corporation (NASDAQ:SPWRA; NASDAQ:SPWRB) publicly traded securities during the period between April 17, 2008 and November 16, 2009, have certain options and there are strict and short deadlines running. Deadline: January 15, 2010. Those SunPower shareholders and current long term SunPower Corp. investors should contact the Shareholders Foundation.