US based Bragar Eagel & Squire, P.C., has announced a class action lawsuit for Maxeon Solar Technologies, Ltd. stockholders, covering the period from November 15, 2023, to May 29, 2024. The lead plaintiff deadline is August 26, 2024. According to Bragar Eagel & Squire, on May 30, 2024, Maxeon reported a 41% year-over-year revenue decline to $187.5 million for the first quarter and significant cash flow issues due to the termination of the SunPower supply agreement. This led to substantial dilution of existing shareholders and TCL Zhonghuan Renewable Energy Technology Co. Ltd. becoming a controlling shareholder. The company’s share price dropped 34.7% to $2.03 per share on May 30, 2024. The class action alleges that Maxeon made materially false and misleading statements and failed to disclose critical adverse facts about its reliance on SunPower product sales, the impact of the supply agreement termination, the resulting revenue decline, and the severe cash flow crisis. Investors who purchased Maxeon securities during the class period are urged to contact Bragar Eagel & Squire to explore their legal rights and options.
Bragar Eagel & Squire file Class Action against Maxeon
Maxeon stockholders are urged to contact Bragar Eagel & Squire by August 26, 2024, to explore their legal rights and options. (Image Credit: Pexels)
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