SunPower Says SEC Issued Subpoena on Accounting Practices (1)

SunPower Corp. said it received a subpoena in February from the US Securities and Exchange Commission relating to the rooftop solar company’s revenue recognition practices.

SunPower said it authorized an internal review by an independent outside law firm and is cooperating with the federal investigation, according to a filing issued after the market closed on Wednesday. SunPower also said it had been notified by Ernst & Young of its decision to resign as the company’s independent accounting firm, a decision that was neither recommended or approved by SunPower’s board of directors.

Ernst & Young told SunPower that it was unwilling ...