SOURCE: Brower Piven, A Professional Corporation

December 05, 2009 10:37 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in SunPower Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 19, 2010 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - December 5, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the securities of SunPower Corporation ("SunPower" or the "Company") (NASDAQ: SPWRA) (NASDAQ: SPWRB) during the period between April 17, 2008 and November 16, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 19, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the financial statements and information issued by SunPower 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 SunPower's Philippines operations and false and misleading certifications, required by the Sarbanes-Oxley Act of 2002, attesting to the accuracy of SunPower's financial statements and the adequacy of its internal controls over financial reporting. According to the complaint, on November 17, 2009, after the Company 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, the value of SunPower's stock declined significantly.

If you have suffered a net loss for all transactions in SunPower Corporation securities during the Class Period, including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact