SunPower Shares Plummet Amid Operational Pauses, Analyst Downgrade
Portfolio Pulse from Vaishali Prayag
SunPower Corporation (NASDAQ:SPWR) shares fell sharply after the company announced an operational pause and received an analyst downgrade. The company is halting new product shipments and deactivating lease and power purchase agreements to address financial challenges. Additionally, SunPower has faced several issues, including a subpoena from the SEC, CEO departure, and auditor resignation.
July 18, 2024 | 8:25 pm
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SunPower Corporation shares fell 40.08% after announcing an operational pause and receiving a downgrade from GLJ Research. The company is halting new product shipments and deactivating lease and power purchase agreements to address financial challenges. SunPower has also faced a subpoena from the SEC, CEO departure, and auditor resignation.
The operational pause and analyst downgrade are significant negative events for SunPower, leading to a sharp decline in its stock price. The company's ongoing financial challenges, regulatory scrutiny, and leadership changes further exacerbate the situation.
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