SunPower Sued for Alleged Misrepresentation of Accounting Issue

SunPower Corp. and its top executives allegedly misled investors, concealing accounting issues that resulted in the inaccurate reporting of the company’s revenue and inventory for seven months before revealing the errors last week, according to a proposed class action.

The solar energy technology and services provider revealed the internal control problem on Oct. 24, telling investors it would need to restate disclosures for the first two quarters of 2023 and the full year 2022, according to the complaint filed in US District Court for the Northern District of California.

Once SunPower said it would restate the revenue and inventory figures, ...