NEW YORK, NY / ACCESSWIRE / November 27, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Wolfspeed, Inc. ("Wolfspeed" or the "Company") (NYSE:WOLF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Wolfspeed and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until January 17, 2025, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Wolfspeed securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On November 6, 2024, Wolfspeed announced its financial results for the first quarter of its 2025 fiscal year and provided guidance for the second quarter that fell short of analyst expectations. Despite previously claiming that 20% utilization of the Company's Mohawk Valley fabrication facility would yield $100 million in revenue, Wolfspeed guided to a range 30% to 50% below that mark. Wolfspeed attributed its results and lowered guidance to "demand . . . ramping more slowly than we originally anticipated as "EV customers revise their launch timelines as the market works through this transition period."
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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP