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
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
| Source: Kahn Swick & Foti, LLC
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.