Bragar Eagel & Squire, PC Announces Class Action Lawsuit Has Been Filed Against Maxeon Solar Technologies, Ltd.
NEW YORK, June 29, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized stock rights law firm, announces that a class action lawsuit has been filed against Maxeon Solar Technologies, Ltd. (Maxeon or the Company) (NASDAQ: MAXN) in the United States District Court for the Northern District of California on behalf of all persons and entities that purchased or otherwise acquired securities of Maxeon between November 15, 2023 and May 29, 2024 , both days inclusive (Class Period) . Investors have until 27 August 2024 to apply to the Court to be appointed as the lead plaintiff in the case.
Click here to participate in the action.
On May 30, 2024, before the market opened, Maxeon announced its financial results for the first quarter of 2024 in a press conference, reporting a 41% decline. The company disclosed that it faces a significant cash flow challenge due, in part, to the termination of a supply agreement with SunPower (NASDAQ: The company stated that, as a result, it was forced to negotiate[] significant liquidity support obligations that will result in significant dilution to existing public shareholders, through TZE [TCL Zhonghuan Renewable Energy Technology Co. Ltd.] eventually become the controlling shareholder.
On this news, the Company’s share price fell 34.7%, or $1.08, to close at $2.03 per share on May 30, 2024, on unusually heavy trading volume.
The complaint filed in this class action alleges that during the Class Period, the Defendants made false and/or misleading statements, and failed to disclose material facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Maxeon relied on exclusive sales of certain products to SunPower; (2) that, after the termination of the Master Supply Agreement, the Company was unable to reduce the sale of the goods; (3) that, as a result, the income is greatly reduced; (4) that, as a result, the Company faced a significant cash flow problem; and (5) that, as a result of the foregoing, the defendants’ positive statements about the Company’s business, operations, and prospects were grossly misleading and/or had no reasonable basis.
If you purchased or otherwise acquired Maxeon shares and lost them, are a long-time shareholder, have information, would like to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker or Marion Passmore at mail to investigations@bespc.comphone at (212) 355-4648, or at to fill out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives, and other complex matters in federal and state courts across the country. For more information about the company, please visit www.bespc.com. Advocate advertising. Previous results do not guarantee similar results.
Contact information:
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
