NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the California Northern District Court on behalf of all persons or entities who acquired SunPower Corporation (NASDAQ:SPWR securities between February 17, 2016 and August 9, 2016 (the “Class Period”).

On August 9, 2016, SunPower issued a press release announcing its secondquarter 2016 financial results. Therein, the company disclosed theexistence 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 theYield Co environment.” The company also announced a manufacturingrealignment which the company stated would result in restructuring charges totaling $30-$45 million, a substantial portion of which would be incurred in the third quarter of 2016. Finally, the company disclosed that, as a result of these “challenges,” 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.

On this news, SunPower’s stock price fell $4.47 per share, or 30%, to close at $10.31 per share on August 10, 2016, on unusually heavy trading volume.

The complaint charges SunPower and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that a substantial number of the company’s customers were adopting a longer-term timeline for project completion; (2) that the company’s near-term economic returns were deteriorating due to aggressive PPA pricing by new market entrants; (3) that market disruption in the Yield Co environment was impacting the company’s assumptions related to monetizing deferred profits; (4) that, as such, demand for the Company’s 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, the company’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.

If you acquired SunPower Corporation securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact J. Brandon Walker, Esq. by email at [email protected],or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

Bragar Eagel & Squire, P.C. is a New York-based law firm concentratingin commercial and securities litigation. For additional information,please go to www.bespc.com.