NEW YORK, NY / ACCESSWIRE / November 14, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Wolfspeed, Inc. ("Wolfspeed" or the "Company") (NYSE:WOLF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Wolfspeed and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 16, 2023, Wolfspeed issued a press release reporting its financial results for the fourth quarter and full fiscal year 2023. Providing a weaker-than-expected business outlook for 2024, Wolfspeed said that it expects sales to fall within a range of $220 million to $240 million and that it expects to lose between $0.60 and $0.75 per share, significantly more than analyst expectations of a loss of $0.20 per share.
On this news, Wolfspeed's stock price fell $9.07 per share, or 17.06%, to close at $44.10 per share on August 17, 2023.
Then, on May 1, 2024, Wolfspeed issued a press release announcing its financial results for the first quarter of 2024. Among other items, Wolfspeed reported revenue of $200.7 million, missing analyst estimates of $201.09 million.
On this news, Wolfspeed's stock price fell $2.55 per share, or 9.77%, to close a $23.56 per share on May 2, 2024.
Then, on June 20, 2024, Reuters reported that Wolfspeed had "delayed plans to build a $3 billion plant in Germany" and "won't start construction . . . until mid-2025 at the earliest, two years later than its original target."
On this news, Wolfspeed's stock price fell $2.24 per share, or 8.62%, to close at $23.76 per share on June 20, 2024.
Then, on November 6, 2024, Wolfspeed issued a press release reporting its financial results for the first quarter of fiscal year 2025. Wolfspeed reported revenue of $194.7 million, falling short of the consensus estimate of $200.3 million, and issued second quarter revenue guidance in the range of $160 million to $200 million, missing consensus estimates of $214.6 million. Among other factors, Wolfspeed cited the closure of a facility during the first quarter, which led to $87.1 million in restructuring-related costs during the quarter.
On this news, Wolfspeed's stock price fell $5.38 per share, or 39.24%, to close at $8.33 per share on November 7, 2024.
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SOURCE: Pomerantz LLP