Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against SunPower Corporation (“SunPower”) (NASDAQ: SPWR) and several officers and directors for acts taken during the period of February 17, 2016 to August 9, 2016 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of SunPower. If you are an affected SunPower shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com, or call toll free at (877) 728-9607. There is no cost or fee to you.

According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants made false and/or misleading statements and/or failed to disclose: (1) that a substantial number of the its customers were adopting a longer-term timeline for project completion; (2) that its near-term economic returns were deteriorating due to aggressive PPA pricing by new market entrants; (3) that market disruption in the YieldCo environment was impacting SunPower’s assumptions related to monetizing deferred profits; (4) that, as such, demand for its products was significantly declining; (5) that, in response, the Company would implement a manufacturing realignment that would result in significant restructuring charges; (6) that, as such, SunPower’s fiscal year 2016 guidance was overstated; and (7) that, as a result of the foregoing, Defendants’ statements about SunPower’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

SunPower announced its second quarter 2016 financial results on August 9, 2016, in which it disclosed the existence of several factors negatively impacting the Company’s performance, including “customers adopting a longer-term timeline for project completion,” “aggressive [Power Purchase Agreement (“PPA”)] pricing by new market entrants,” and “continued market disruption in the YieldCo environment.” SunPower also announced a manufacturing realignment which is expected to result in restructuring charges totaling $30-$45 million, a substantial portion of which would be incurred in the third quarter of 2016. Finally, SunPower disclosed that it was substantially decreasing its fiscal year 2016 guidance—expecting a net loss of $175 million to $125 million, rather than the earlier-forecasted net income of $0 to $50 million. SunPower stock dropped significantly immediately following this announcement.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.