Coughlin Stoia Geller Rudman and Robbins LLP files class action suit against SunPower
Coughlin Stoia Geller Rudman & Robbins LLP announced that a classaction has been commenced in the United States District Court for theNorthern District of California on behalf of purchasers of SunPowerCorp. publicly traded securities during the period between April 17,2008 and November 16, 2009, inclusive (the “Class Period”).
Ifyou wish to serve as lead plaintiff, you must move the Court no laterthan 60 days from today. If you wish to discuss this action or have anyquestions concerning this notice or your rights or interests, pleasecontact plaintiff’s counsel, Darren Robbins of Coughlin Stoia at800/449-4900 or 619/231-1058, or via e-mail at email@example.com.
Ifyou are a member of this class, you can view a copy of the complaint asfiled or join this class action online athttp://www.csgrr.com/cases/sunpower/. Any member of the putative classmay move the Court to serve as lead plaintiff through counsel of theirchoice, or may choose to do nothing and remain an absent class member.
Thecomplaint charges Sun and certain of its officers and directors withviolations of the Securities Exchange Act of 1934. Sun engages in thedesign, manufacture and marketing of solar electric power technologiesworldwide.
The complaint alleges that throughout the ClassPeriod, defendants issued materially false and misleading financialstatements, press releases and SEC filings.
Specifically, thefinancial statements and information issued by the Company in its pressreleases, quarterly reports for 2008 and 2009 and annual report for thefiscal year 2008 were false and misleading because defendants includedunsubstantiated accounting entries related to cost of goods sold inSun’s Philippines operations and false and misleading certifications,required by the Sarbanes-Oxley Act of 2002, attesting to the accuracyof Sun’s financial statements and the adequacy of its internal controlsover financial reporting. As a result of defendants’ false andmisleading statements, Sun securities traded at artificially inflatedprices during the Class Period.
On November 16, 2009, after themarket closed, Sun filed a report on Form 8-K with the SEC stating thatbecause of accounting improprieties, the Company’s previously issuedinterim financial statements for each of the 2009 quarterly periods,the previously reported financial results for the fiscal year endingDecember 28, 2008, the financial information in its 2009 quarterlyreports on Form 10-Q and its 2008 annual report on Form 10-K, and theguidance provided by the Company for the 2009 fiscal year, should nolonger be relied upon. On this news, Sun’s stock fell 19 percent toclose at $22.19 per share on November 17, 2009.
Plaintiff seeksto recover damages on behalf of all purchasers of Sun publicly tradedsecurities during the Class Period (the “Class”). The plaintiff isrepresented by Coughlin Stoia, which has expertise in prosecutinginvestor class actions and extensive experience in actions involvingfinancial fraud.
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