SunPower faces class action lawsuits for allegedly misleading investors about misreported cost metrics. The company admitted to internal financial control issues and potential $16-20 million overstatement of consignment inventory, planning a restatement for fiscal 2022 and H1 2023. It is negotiating with Bank of America for upcoming financial restatements.
SunPower’s financial accuracy under scrutiny
CEO cites industry challenges, reduced net loss guidance, and recent positive signs. Illustration by Bing AI.
Allegations include bribing Indian officials to secure renewable energy projects worth $6 billion. (Image Credit/Source: Kelly/Pexels)
NTPC prioritizes solar over wind, limiting wind and battery projects to 10% of its renewable portfolio. (Image Credit/Source: Kelly/Pexels)
Scatec retains 13% and 12% stakes in Kalkbult, Linde, and Dreunberg solar plants after the sale to STANLIB. (Image Source: Scatec)
The financing partnership between RIC Energy and Rosemawr will fund interconnection deposits for up to 450 MW of renewable projects in NY. (Image Source: RIC Energy)