NEW YORK CITY, NY / ACCESSWIRE / November 17, 2024 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Wolfspeed, Inc. ("Wolfspeed" or "the Company") (NYSE:WOLF). Investors who purchased Wolfspeed securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/WOLF.
Investigation Details
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.
What's Next?
If you are aware of any facts relating to this investigation or purchased Wolfspeed securities, you can assist this investigation by visiting the firm's site: bgandg.com/WOLF. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660
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We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
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Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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