SOURCE: Kahn Swick & Foti, LLC

November 18, 2009 22:06 ET

INVESTOR ALERT: KSF Files Securities Class Action Against SunPower Corp. and Urges Shareholders With Losses in Excess of $200,000 to Inquire About Lead Plaintiff Status -- SPWRA, SPWRB

NEW ORLEANS, LA--(Marketwire - November 18, 2009) - Kahn Swick & Foti, LLC ("KSF") has filed a class action lawsuit against SunPower Corporation ("Sunpower" or the "Company") (NASDAQ: SPWRA) (NASDAQ: SPWRB) in the United States District Court for the Northern District of California, on behalf of purchasers of the securities of the Company between April 17, 2008 and November 16, 2009, inclusive (the "Class Period"). No class has yet been certified in this action.

If you would like to discuss your legal rights, along with the lead plaintiff position and its related responsibilities including overseeing lead counsel with a goal of obtaining a fair settlement, you may e-mail or call KSF Managing Partner Lewis Kahn, without obligation or cost to you, toll free 1-866-467-1400, ext. 100, via cell phone after hours at 504-301-7900, or by email at lewis.kahn@ksfcounsel.com. You may additionally request a copy of the firm's comprehensive 83 page Complaint detailing the allegations described below.

SunPower, its auditor PWC, and certain of executive officers -- collectively, "Defendants" -- are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934.

The Complaint charges that contrary to the positive statements made by Defendants during the Class Period that SunPower was operating at or above plan, and was successfully achieving guidance, in fact, the Company was suffering from a host of undisclosed adverse factors which were negatively impacting its business and which would cause it to report declining financial results, materially less than the market expectations Defendants had created and cultivated. On November 16, 2009, investors first learned that the Company would be forced to restate its financial results for the first three quarters of 2009 and all the reported periods of 2008. These sudden and shocking disclosures had an immediate impact on the price of SunPower stock, as shares of the Company declined approximately $5.00 per share in the single trading day, falling over 20%, and closing at just over $22.00 per share.

If you wish to serve as lead plaintiff in this class action lawsuit, you must move the Court no later than January 19, 2010 -- one day after the federal holiday for Martin Luther King Day. 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. If you would like to discuss your legal rights, you may e-mail or call KSF Managing Partner Lewis Kahn, without obligation or cost to you, toll free 1-866-467-1400, ext. 100, after hours via cell phone 504-301-7900, or by email at lewis.kahn@ksfcounsel.com. To learn more about KSF, you may visit www.ksfcounsel.com. KSF is a law firm focused on securities class action litigation with offices in New Orleans and New York City.

KSF's lawyers have significant experience litigating complex securities class actions. Among other cases, KSF has been appointed Lead or Co-Lead Counsel in the following securities cases: In re: U.S. Auto Parts Networks, Inc. Securities Litigation, C.D. Cal.; In re Xethanol Corporation Securities Litigation, S.D.N.Y.; In re Superior Offshore International, Inc. Securities Litigation, S.D. Tex.; Terayon Comm. Systems Inc., N.D. Cal.; and In re BigBand Networks, Inc. Securities Litigation, N.D. Cal.

SPECIAL NOTICE: KSF encourages you to carefully evaluate any firm you may consider to represent your interests in the SUNPOWER class action. The Private Securities Litigation Reform Act ("PSLRA") permits Company shareholders to choose counsel of their choice to prosecute this action. Critical components of a law firm's ability to successfully prosecute this action and obtain a strong recovery for you include the resources it will dedicate to prosecution of the case, including the number of lawyers the firm has available for the SUNPOWER action in particular, AND especially the quality of the firm's work.

Contact Information

  • Contact:

    Lewis Kahn
    Kahn Swick & Foti, LLC
    650 Poydras St., Suite 2150
    New Orleans, LA 70130
    1-866-467-1400, ext. 100
    Lewis.kahn@ksfcounsel.com