Facts

Several investor plaintiffs brought a federal securities class action related to a private securities dispute against SunPower Corp., a solar panel manufacturer. The lawsuit was filed on behalf of persons who purchased or otherwise acquired the publicly traded securities of SunPower from April 17, 2008 through Nov. 16, 2009.

PLAINTIFF'S CONTENTIONS:
Plaintiffs alleged SunPower executives falsified accounting information, causing shareholder values to decline by millions of dollars. In particular, plaintiffs alleged violations of the Securities Exchange Act of 1934 Section 10(b)5 by issuing materially false and misleading financial statements and information in press releases.

DEFENDANT'S CONTENTIONS:
Defendant denied wrongdoing, asserting that management complied with its legal obligations.

Result

The federal court preliminarily approved a settlement in the amount of $19,750,000.