Solar module by SunPower. Author: PSNH. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
New York law firm Lifshitz & Miller LLP on Tuesday announced an investigation of US solar company SunPower Corp (NASDAQ:SPWR), along with a number of other companies.
The law firm said its investigation on behalf of SunPower investors is in relation to whether demand for SunPower's products was significantly decreasing due to SunPower customers adopting longer-term timelines for project completion, which caused SunPower's fiscal year 2016 guidance to be overstated.
SunPower, which is currently implementing a restructuring programme, posted a GAAP net loss of USD 471.1 million (EUR 422m) for 2016, wider than its revised guidance of USD 295 million to USD 320 million.
Earlier this month, the company reported a GAAP net loss of USD 134.5 million for its first fiscal quarter through April 2, lower than the one in the fourth quarter of 2016, but wider than the deficit booked a year earlier.