Kendall Law Group Investigates Possible Securities Violations by SunPower Corp.

Business Wire

posted: 8 DAYS AGO

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Kendall Law Group, founded by a former federal judge, today began an investigation on behalf of SunPower Corp. (NASDAQ:SPWRA) (NASDAQ:SPWRB) shareholders. The firm’s investigation concerns the Company’s announcement on November 16, 2009 regarding unsubstantiated accounting entries made in the first three quarters of 2009, some of which relate back to fiscal year ending December of 2008.

The revelation of accounting irregularities by SunPower’s Philippine manufacturing operations caused a drop in share price of 18.5% by the end of trading on Tuesday, closing at $22.97 per share. The loss of just over $5 per share came after some analysts cut their recommendations on SunPower shares before midday.

SunPower engages in the design, manufacture, and marketing of solar electric power technologies. The Philippine accounting problems may have caused overstated expenses of approximately $1 million on the cost of goods sold in the first quarter of 2009. The accounting entries may have also understated expenses by almost $14 million in the second quarter and approximately $2 million in the third quarter of 2009. It is unclear whether SunPower will issue a restatement for the relevant time periods.

If you purchased SunPower common stock between January 1, 2008 and November 16, 2009 and suffered a loss you may wish to find out what you rights as a shareholder are. If you still hold shares purchased during that same period and you have suffered a loss contact the Kendall Law Group for additional information. Contact Scott Kendall at 877-744-3728 or by email at skendall@kendalllawgroup.com.

Kendall Law Group has substantial experience representing investors in mergers and acquisitions nationwide. Lawyers at the firm include a former state and federal judge, a former United States Attorney, and experienced securities lawyers.