SunPower Corporation sells, installs, and finances solar power products such as panels, batteries, mounting hardware, and monitoring software.

According to a press release dated November 18, 2009, the Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading financial statements, press releases and SEC filings. Specifically, the financial statements and information issued by the Company in its press releases, quarterly reports for 2008 and 2009 and annual report for the fiscal year 2008 were false and misleading because Defendants included unsubstantiated accounting entries related to cost of goods sold in SunPower’s Philippines operations and false and misleading certifications, required by the Sarbanes-Oxley Act of 2002, attesting to the accuracy of SunPower’s financial statements and the adequacy of its internal controls over financial reporting. As a result of Defendants’ false and misleading statements, SunPower securities traded at artificially inflated prices during the Class Period.

On November 16, 2009, after the market closed, SunPower filed a report on Form 8-K with the SEC stating that because of accounting improprieties, the Company’s previously issued interim financial statements for each of the 2009 quarterly periods, the previously reported financial results for the fiscal year ending December 28, 2008, the financial information in its 2009 quarterly reports on Form 10-Q and its 2008 annual report on Form 10-K, and the guidance provided by the Company for the 2009 fiscal year, should no longer be relied upon. On this news, SunPower’s stock fell 19% to close at $22.19 per share on November 17, 2009.

On February 3, 2010, Judge Charles R. Breyer granted the motion to consolidated all the related cases. On March 5, 2010, Judge Breyer granted the motion to appoint the Institutional Investor Funds as lead Plaintiff. Bernstein Litowitz Berger & Grossman and Kaplan Fox & Kilsheimer were approved as lead Counsel. On May 28, 2010, the lead Plaintiffs filed a Consolidated Complaint, adding company directors and underwriters as named Defendants in the action. Lead Plaintiffs also added claims pursuant to §§11(a) and 15 of the Securities Act of 1933.

On August 5, 2010, the Defendants filed various motions to dismiss the Consolidated Complaint. On March 1, 2011, the motions to dismiss were granted with leave to amend. The Plaintiffs were given 20 days to file an amended Complaint.

On April 18, 2011, the Plaintiffs filed a First Amended Consolidated Class Action Complaint, naming additional insiders of the Company as Defendants in the action. The Defendants filed a motion to dismiss on May 23, 2011. The motion was granted in part and denied in part on December 19, 2011.

On February 1, 2013, the parties filed a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on March 25.

On July 3, 2013, the Court entered a Final Judgment approving the Settlement and ordered this case dismissed with prejudice. On the same date, the Court also issued an Order approving the Plan of Allocation. Finally, the Court awarded attorneys' fees and expenses.