SOURCE: Sarraf Gentile LLP

November 20, 2009 21:01 ET

Sarraf Gentile LLP Announces Class Action Against SunPower Corporation

NEW YORK, NY--(Marketwire - Nov 20, 2009) - Sarraf Gentile LLP announces that a class action lawsuit was filed against SunPower Corporation (NASDAQ: SPWRA) and certain of its officers and directors on behalf of those who purchased SunPower's common stock between April 17, 2008 and November 16, 2009 (the "Class Period"). The complaint alleges violations of the Securities Exchange Act of 1934.

The complaint alleges that during the Class Period defendants issued materially false and misleading financial statements and press releases that reported unsubstantiated accounting entries relating to the cost of goods sold in connection with the Company's Philippines operations. The complaint further alleges that the Company's internal controls over financial reporting were materially deficient. As a result of defendants' materially false and misleading statements, SunPower's securities traded at artificially inflated prices during the Class Period, according to the complaint. On November 16, 2009, after the market closed, SunPower filed a report on Form 8-K with the SEC stating that because of accounting irregularities, SunPower's previously issued interim financial statements for each of the 2009 quarterly periods, the 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 fiscal year 2009, should no longer be relied upon. As a result of this announcement, the price of SunPower's stock plummeted 19%.

No class has yet been certified in the action. Until a class is certified, you are not represented by counsel unless you retain one. Sarraf Gentile LLP has not filed a lawsuit against the defendants.

If you are a SunPower shareholder and want to discuss your legal rights, at no cost and without obligation, please contact Joseph Gentile at Sarraf Gentile LLP (telephone: 212-868-3610; e-mail:

Sarraf Gentile LLP has extensive experience litigating shareholder class actions across the United States and has recovered millions of dollars on behalf of injured shareholders.

ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome.

Contact Information