| COMPANY |
Maxeon Solar Technologies, Ltd. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-03869 |
| JUDGE |
The Hon. Edward Milton Chen |
| CLASS PERIOD |
November 15, 2023 through May 29, 2024 |
| SECURITY TYPE |
Securities |
Case Background:
This is a class action on behalf of persons or entities who purchased or otherwise acquired Maxeon Solar Technologies, Ltd. securities from November 15, 2023 through May 29, 2024, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company's business, operations, and prospects. Specifically, the complaint alleges that Defendants failed to disclose to investors that: (1) Maxeon relied on the exclusive sales of certain products to SunPower; (2) following the termination of the Master Supply Agreement, the company was unable to "aggressively ramp sales"; (3) as a result, revenue substantially declined; (4) as a result, the company suffered a "serious cash flow" crisis; and (5) as a result of the foregoing, Defendants' positive statements about the company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On October 18, 2024, the Court entered an Order Appointing Lead Plaintiff and Approving Selection of Lead Counsel. Lead Plaintiff filed an Amended Complaint on November 8, 2024. On December 20, 2024, Defendants filed a Motion to Dismiss. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.