SOURCE: Izard Nobel LLP

November 20, 2009 09:03 ET

Izard Nobel LLP Announces Class Action Lawsuit Against SunPower Corporation

WEST HARTFORD, CT--(Marketwire - November 20, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of those who purchased the common stock of SunPower Corporation ("SunPower" or the "Company") (NYSE: SPWRA) between April 17, 2008 and November 16, 2009, (the "Class Period").

The Complaint charges that SunPower and certain of its officers and directors violated federal securities laws. Specifically, 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 the Company's Philippines operations.

On November 16, 2009, SunPower filed a report on Form 8-K with the SEC stating that because of accounting improprieties, previously issued financial statements for 2008 and 2009, should no longer be relied upon. On this news, SunPower's stock fell 19% to close at $22.19 on November 17, 2009.

If you are a member of the class, you may, no later than January 19, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

Contact Information