SAN DIEGO, USA: Coughlin Stoia Geller Rudman & Robbins LLP announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of SunPower Corp. publicly traded securities during the period between April 17, 2008 and November 16, 2009, inclusive (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org.
If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/sunpower/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Sun and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Sun engages in the design, manufacture and marketing of solar electric power technologies worldwide.
The complaint alleges that throughout the Class Period, defendants issued materially false and misleading financial statements, press releases and SEC filings.
Specifically, the financial statements and information issued by the Company 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 Sun’s Philippines operations and false and misleading certifications, required by the Sarbanes-Oxley Act of 2002, attesting to the accuracy of Sun’s financial statements and the adequacy of its internal controls over financial reporting. As a result of defendants’ false and misleading statements, Sun securities traded at artificially inflated prices during the Class Period.
On November 16, 2009, after the market closed, Sun filed a report on Form 8-K with the SEC stating that because of accounting improprieties, the Company’s previously issued interim financial statements for each of the 2009 quarterly periods, the previously reported financial results for the fiscal year ending December 28, 2008, the financial information in its 2009 quarterly reports on Form 10-Q and its 2008 annual report on Form 10-K, and the guidance provided by the Company for the 2009 fiscal year, should no longer be relied upon. On this news, Sun’s stock fell 19 percent to close at $22.19 per share on November 17, 2009.
Plaintiff seeks to recover damages on behalf of all purchasers of Sun publicly traded securities during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.