Wolfspeed, Inc. (NYSE: WOLF)

This lawsuit is for anyone who acquired securities in Wolfspeed, Inc. (NYSE: WOLF) from August 16, 2023 through November 6, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely adjust guidance despite knowing that headwinds facing the EV industry would result in diminished revenue for the Company.

On November 6, 2024, Wolfspeed released its first quarter fiscal 2025 financial results and provided second quarter guidance significantly below expectations due to “demand … ramp[ing] more slowly than [the Company] originally anticipated” as “EV customers revise their launch time lines as the market works though this transition period.” Additionally, while the Company previously estimated that its Mohawk Valley fabrication facility would result in $100 million in revenue, it now projected a range 30% to 50% below that mark. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Wolfspeed, Inc. (NYSE: WOLF) from August 16, 2023 through November 6, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.