SOURCE: Shalov Stone Bonner & Rocco LLP

Shalov Stone Bonner & Rocco LLP

November 19, 2009 19:56 ET

Shalov Stone Bonner & Rocco LLP Announces Class Action Against SunPower Corporation

NEW YORK, NY--(Marketwire - November 19, 2009) - Shalov Stone Bonner & Rocco LLP announces that a class action lawsuit has been filed on behalf of all persons who purchased or otherwise acquired the publicly traded securities of SunPower Corporation ("SunPower" or the "Company") (NASDAQ: SPWRA) (NASDAQ: SPWRB) from April 17, 2008 through November 16, 2009, inclusive (the "Class Period"). The lawsuit is pending in the United States District Court for the Northern District of California against SunPower and others.

According to the complaint, during the Class Period defendants issued materially false and misleading financial statements, press releases and Securities and Exchange Commission ("SEC") filings. Specifically, the complaint alleges that defendants 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, and contrary to the certifications defendants issued as required by the Sarbanes-Oxley Act of 2002. As a result of defendants' materially false and misleading statements, SunPower's securities traded at artificially inflated prices during the Class Period.

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%.

Shalov Stone Bonner & Rocco LLP has extensive experience in the prosecution of lawsuits on behalf of investors. For more information about the firm, please visit its website at:

If you purchased SunPower securities and would like additional information about your rights, please contact investor rights attorney Amanda C. Scuder, at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; email:

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