Faruqi & Faruqi, LLP is investigating the claims on behalf of Wolfspeed investor Investing.com
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses greater than $75,000 in Wolfspeed (NYSE: ) to contact him directly to discuss their options
If you have suffered losses greater than $75,000 Wolfspeed between August 16, 2023 and November 6, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 30, 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 The deadline is January 17, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Faruqi & Faruqi 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 inception in 1995. See www.faruqilaw.com.
The complaint alleges that the defendants provided the public with revenue projections that depended on Wolfspeed’s Mohawk Valley manufacturing facility increasing its production to meet and/or exceed demand for its 200mm wafer product.
On November 6, 2024, Wolfspeed reported its financial results for the first quarter of fiscal year 2025 and revealed guidance for the second quarter well below expectations. While defendants have repeatedly argued that a 20% utilization rate at the Mohawk Valley manufacturing facility would result in $100 million in revenue from the facility, defendants have now focused on a range of 30% to 50% below that limit. The company attributed its results and lowered guidance to “demand … growth[ing] slower than we originally expected” as “electric vehicle buyers revise their launch timelines as the market performs during this transition period.”
Investors and analysts reacted immediately to Wolfspeed’s revelation. The price of Wolfspeed’s common stock fell dramatically. From the closing market price of $13.71 per share on November 06, 2024, Wolfspeed’s stock price fell to $8.33 per share on November 07, 2024, a decrease of about 39.24% in the span of just one day .
A court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, who is adequate and typical of the class members and who directs and oversees the litigation on behalf of the putative class. Any putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision whether or not you will be the lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Wolfspeed’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the original version of this press release, visit https://www.newsfilecorp.com/release/235553
