Maxeon Solar Technologies, Ltd.
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Case Overview
43 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 08/26/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Maxeon Solar Technologies, Ltd. |
Court: | Court: Northern District of California |
Case Number: | Case Number: 3:24cv03869 |
Class Period: | Class Period: 11/15/2023 - 05/29/2024 |
Ticker: | Ticker: MAXN |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Maxeon Solar Technologies, Ltd. (“Maxeon” or the “Company”) (NASDAQ: MAXN) securities during the period of November 15, 2023 through May 29, 2024, inclusive (“the Class Period”). Investors have until August 26, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On May 30, 2024, before the market opened, Maxeon announced financial results for first quarter 2024 in a press release, reporting a 41% year-over-year decline in revenue to $187.5 million. The Company disclosed that it was facing a serious cash flow challenge as the result of, in part, the termination of the SunPower supply agreement. The Company revealed that, as a result, it was forced to negotiate[] commitments for significant liquidity support which will result in substantial dilution to existing public shareholders, with TZE [TCL Zhonghuan Renewable Energy Technology Co. Ltd.] ultimately becoming a 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 May 30, 2024, before the market opened, Maxeon announced financial results for first quarter 2024 in a press release, reporting a 41% year-over-year decline in revenue to $187.5 million. The Company disclosed that it was facing a serious cash flow challenge as the result of, in part, the termination of the SunPower supply agreement. The Company revealed that, as a result, it was forced to negotiate[] commitments for significant liquidity support which will result in substantial dilution to existing public shareholders, with TZE [TCL Zhonghuan Renewable Energy Technology Co. Ltd.] ultimately becoming a 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