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Maxeon Sued by Rosen Law Firm Over Misleading Financial Statements Amid Significant Revenue Decline and Stock Plunge.

Maxeon is being sued by US firm, the Rosen Law Firm, over its delayed Q1 2024 financial results, which it filed on 30th May this year. The company reported a 41% year-on-year drop in revenue to US$187.45 million and stated that it required additional capital from its majority shareholder, TCL Zhonghuan Renewable Energy Technology (TZE), through investments from the company’s majority shareholder and US$97.5 million in debt financing and a US$100 million equity investment. The lawsuit alleges that Maxeon made false and misleading statements about its business, operations, and prospects, including that it relied on exclusive sales of certain products to SunPower Corp. The financial results caused Maxeon’ stock price to fall 34.7%, causing damages to investors. The final motion deadline for the case is 26th August 2024.

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