SunPower Execs, Board Allegedly Hid Financial Reporting Issues

SunPower Corp.’s leaders concealed that the company had inaccurately reported its cost of revenue and inventory metrics for months before ultimately restating its financial statements, a shareholder derivative complaint says.

Top officers and board members of the solar energy product manufacturer have been sued twice in the past week over allegations that they failed to disclose material weaknesses in the company’s internal controls that led to the restatement. These alleged misstatements harmed the company, wasting corporate assets and leading to a historic stock drop, according to the complaint filed Thursday in the US District Court for the Northern District ...