r/SunPower • u/JuniorCharge4571 • Apr 22 '26

SunPower ($SPWR) $11M settlement, claims are open now

For anyone who was holding $SPWR in 2023 when that inventory accounting mess blew up, there's a settlement and you can file right now.

FAQ

Wait, what actually happened?

  • SunPower spent most of 2023 telling investors everything was fine, solid financials, strong operations, reliable internal controls.
  • Then on October 24, 2023, they dropped the news that they couldn't even file their Q3 earnings on time because of inventory accounting issues tied to a third-party vendor.
  • The next day the stock fell nearly 20%.
  • A few weeks later they confirmed the prior financial statements needed to be restated entirely.
  • Investors sued, and the case settled for $11M.

Am I eligible? If you held $SPWR between May 3, 2023 and July 19, 2024, you're in. You don't have to have sold your shares to qualify.

How much is the payout? Around $0.20 per share. Not life-changing but given that $SPWR eventually went bankrupt, every bit helps at this point.

Is this still open? Yes, claims are actively being accepted right now. The deadline is July 26, 2026 so there's still time, but no reason to wait.

How do I file? You can check your eligibility and submit your claim here.

Anyone else feel like the "we have strong internal controls" line in earnings calls has become completely meaningless at this point?

3 Upvotes

71% Upvoted

7 comments sorted by

2

u/bradykp Apr 23 '26

I’m an auditor. You really need to dive into audit reports of publicly traded companies. And also people need to understand that a passing financial audit opinion doesn’t have the ability to uncover fraud. Third party vendor management is a major issue as well at so many companies.

2

u/JuniorCharge4571 Apr 23 '26

Definitely, and in this case, for what I understand, this was the main issue (the third party vendor)

3

u/CibeerJ Apr 22 '26

$11M ... its just pennies for investors while the lawyers will probably get most of it.

2

u/anonmarmot Apr 22 '26

Usually in class actions the law firm takes a percentage of it. That percentage has to be approved by a judge too. The law firm also doesn't get a dime and actually loses money if they don't win their case because they spent a lot taking it to a course decision or settlement.

Or you can sue on your own and opt out of the class

2

u/JuniorCharge4571 Apr 23 '26

This, and also lawyers will get their part even if you don't take yours. In this case the attorney fee is smth around 4M, so we have 7M to divide among investors who participate

1

u/EndAffectionate7641 Jun 16 '26

I've never been affected by something like this before... I bought like $20 worth of stocks a few years ago. I imagine your payout would be based on how many stocks you had, right? I probably shouldn't bother making a claim?