Faruqi & Faruqi Appointed Sole Lead Counsel to Represent Maxeon Solar Technologies Shareholders in Securities Class Action

On October 18, 2024, United States District Judge Edward M. Chen of the Northern District of California appointed Faruqi & Faruqi, LLP, as sole lead counsel in Wayne v. Maxeon Solar Technologies, Ltd., et al., 24-cv-03869-EMC. The suit centers on allegations that Defendants made false and misleading representations regarding and/or failed to disclose that (1) Maxeon relied on the exclusive sales of certain products to SunPower, the company from which Maxeon spun off in 2020, pursuant to a Master Supply Agreement; (2) that, following the termination of the Master Supply Agreement, the Company was unable to “aggressively ramp sales” as it claimed; (3) that, as a result, its revenue substantially declined; (4) that, as a result, the Company suffered a “serious cash flow” crisis; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For further inquiries regarding this matter, please contact James M. Wilson, Jr. at jwilson@faruqilaw.com or (212) 983-9330. 

A copy of the Court’s order is linked below.