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.