SAN FRANCISCO, Dec. 4, 2009 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro's San Francisco office has filed a class-action lawsuit in the United States District Court for the Northern District of California against SunPower Corporation (Nasdaq:SPWRA) (Nasdaq:SPWRB). The 83-page lawsuit, filed jointly with co-counsel, seeks class status for all investors who purchased SunPower shares between April 17, 2008 and Nov. 16, 2009.
To serve as lead plaintiff, you must move the Court no later than Jan. 19, 2010. If you wish to discuss such participation or have questions concerning this notice or your rights, please contact plaintiff's counsel, Reed R. Kathrein of Hagens Berman Sobol Shapiro at 510.725.3000 or via e-mail at spwra@hbsslaw.com.
The claims asserted include charges based on recently revealed information and investigation that SunPower executives issued misleading quarterly financial reports for 2008 and 2009 and an annual report for fiscal year 2008. Defendants allegedly included unsubstantiated accounting entries relating to cost of goods sold in the company's Philippines operations as well as false and misleading certifications in previous financial reports. These inaccuracies allowed company stock to trade at artificially inflated prices.
On Nov. 16, 2009, SunPower filed a report with the SEC stating that because of its accounting errors the previously issued financial statements for 2008 and 2009 were unreliable. News of this filing caused company stock to fall 19 percent, closing at $22.19 per share on Nov. 17, 2009.
If you invested in SunPower stock between April 17, 2008 and Nov. 16, 2009, you can participate in this action as a lead plaintiff with the goal of overseeing the fair and diligent prosecution of the case on behalf of the Class. If you purchased more than 5,000 net shares during the Class Period, contact plaintiff's counsel, Reed R. Kathrein by visiting www.hbsslawsecurities.com/spwra, calling 510.725.3000 or e-mailing spwra@hbsslaw.com.
About Hagens Berman Sobol Shapiro
Hagens Berman Sobol Shapiro LLP is a shareholder-rights law firm with offices in San Francisco, Seattle, Chicago, Boston, Los Angeles, and Phoenix. Since 1993, HBSS has recovered hundreds of millions of dollars for institutional and individual investors defrauded by unscrupulous management of publicly held corporations through tenacious legal representation. More about the law firm and its successes can be found at www.hbsslaw.com.