Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN)

This lawsuit is for anyone who acquired securities in Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) from November 15, 2023 through May 29, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company would be able to timely file its fourth quarter 2024 financial results without a reasonable basis for making the assertion considering that the Company was facing material liquidity issues.

On May 15, 2024, Maxeon failed to release its financial results for the fourth quarter of fiscal year 2023 and first quarter of 2024, which had been originally slated for public dissemination on that date. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on May 30, 2024, before the market opened, Maxeon finally announced financial results for the fourth quarter of fiscal year 2023 and the first quarter of 2024, revealing forth quarter gross losses of $34.5 million (which far exceeding the Company’s initial outlook of $5 million to $15 million) as well as first quarter of 2024 revenue: $187.5M, a decline of over 41% year over year. The Company also revealed it had suffered from a critical liquidity issue, forcing it to enter into “negotiated commitments for significant liquidity support” which will result in “substantial dilution to existing public shareholders, with TZE [TCL Zhonghuan Renewable Energy Technology Co. Ltd.] ultimately becoming a controlling shareholder.” On this news, the price of the Company’s stock again 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 Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) from November 15, 2023 through May 29, 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.