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.