Faruqi & Faruqi Securities LLP partner James (Josh) Wilson encourages investors who have suffered losses exceeding $75,000 in Wolfspeed (NYSE:) to contact him directly to discuss their options.
If you suffer losses exceeding $75,000 Wolfspeed Between August 16, 2023 and November 6, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 28, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Wolfspeed, Inc. (“Wolfspeed” or the “Company”) (NYSE: WOLF) and reminds investors of January 17, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
The complaint alleges that the defendants provided the public with revenue projections that relied on Wolfspeed's Mohawk Valley manufacturing facility ramping up its production to meet and/or exceed demand for 200mm wafer product.
On November 6, 2024, Wolfspeed reported its financial results for the first quarter of fiscal 2025 and revealed guidance for the second quarter that was well below expectations. While the defendants have repeatedly claimed that 20% utilization of the Mohawk Valley manufacturing facility would result in $100 million in revenue from the facility, the defendants have now been led to a range of 30% to 50% below that mark. The company attributed its results and lowered guidance to “demand…increasing more slowly than we originally expected” as “EV customers review their launch timelines as the market works through this transition period.”
Investors and analysts reacted immediately to Wolfspeed's announcement. The price of Wolfspeed's common stock has declined significantly. From a market closing price of $13.71 per share on November 6, 2024, Wolfspeed's stock price fell to $8.33 per share on November 7, 2024, a decline of approximately 39.24% in the period of just one day.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choosing, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Wolfspeed's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234701
