Executives and board members in charge at SunPower Corporation, a provider of photovoltaic solar energy generation systems and battery energy storage products, have been hit with an investor lawsuit, accusing SunPower's leadership of alleged financial mismanagement and violation of federal securities laws.
The complaint alleges that Richmond, California-based SunPower overstated the value of certain microinverter components in its inventory, leading to an understatement of associated revenue costs.
The alleged financial irregularities were revealed in a Form 8-K filed with the Securities and Exchange Commission on Oct. 24, 2023. The filing disclosed that investors should no longer rely on the audited financial statements included in the company's Form 10-K for the period ended Jan. 1, 2023, as well as unaudited financial statements included in Forms 10-Q for periods ending April 2, 2023, and July 2, 2023. Following this revelation, SunPower's share price fell by $0.90 per share or 18.1%, closing at $4.06 per share on Oct. 25, 2023.
Beall is represented in the action by attorney Robert C. Moest, from The Brown Law Firm P.C., of Santa Monica.