Three former SunPower Corp. executives have agreed to pay $11 million to settle class claims that the solar energy company affirmed its financial health when it was actually on the road to bankruptcy.
The “commendable” recovery represents about 23% of the estimated likeliest damages amount—$48 million—and deserves preliminary approval, the investors told the US District Court for the Northern District of California on Jan. 9. That damages amount includes the value of a claim the court allowed to proceed, plus more for a claim that was re-pleaded after its dismissal.
- The investors alleged the executives misled investors in a 2023 ...
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