SunPower (NASDAQ:) shares dropped greater than 13% on Friday after the corporate mentioned after the shut on Wednesday that it obtained a subpoena from the US Securities and Trade Fee in February.
The subpoena is claimed to narrate to sure accounting issues, together with facets of the photo voltaic firm’s income recognition practices.
The main focus is on the intervals lined by the affected monetary statements and the fourth quarter of 2023
In response to the SEC investigation, the corporate mentioned it promptly licensed an inner assessment, which stays ongoing. It’s being “carried out by an unbiased outdoors regulation agency, with the help of unbiased forensic accountant advisors.”
“The corporate has totally cooperated, and intends to proceed to completely cooperate, with the SEC investigation,” said SunPower in a submitting.
On the time of writing, SunPower shares are buying and selling at $2.33, down round 13.1%. The decline provides to its already vital decline during the last 12 months.