A securities class action has been filed in the USDC — N.D.N.Y. against Wolfspeed, Inc. (WOLF) (“Wolfspeed” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Wolfspeed common stock between August 16, 2023 and November 6, 2024, both dates inclusive (the “Class Period”).
Wolfspeed is a global semiconductor company focused on silicon carbide materials and the fabrication of devices for power applications. Wolfspeed largely targets its products toward the electric vehicle and industrial and energy sectors through its fabrication facilities in Mohawk Valley, New York and Durham, North Carolina.
The claim arises on November 6, 2024, when Wolfspeed announced its financial results for the first quarter of fiscal year 2025 and unveiled guidance for the second quarter well below expectations.
The complaint alleges that Defendants provided overwhelmingly positive statements to investors while, at the same time, misrepresenting and/or concealing material adverse facts concerning the true state of Wolfspeed’s growth potential and, in particular, the operational status and profitability of the Mohawk Valley fabrication facility. First, to meet its publicly stated projections, the Company would have to cancel or otherwise indefinitely suspend planned future projects such as the facility in Saarland, Germany. Second, the Company would have to terminate a significant portion of its workforce (approximately 20%) and shutter the Durham fabrication facility.
As a result, from a closing market price of $13.71 per share on November 6, 2024, Wolfspeed’s stock price fell to $8.33 per share on November 7, 2024, a decline of about 39.24% in the span of just a single day.
If you purchased Wolfspeed common stock during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information.”
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.