NEW YORK, Nov. 18, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Wolfspeed, Inc. ("Wolfspeed" or the "Company") (NYSE: WOLF). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Wolfspeed and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
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.
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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
View original content to download multimedia:https://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-wolfspeed-inc---wolf-302309251.html
SOURCE Pomerantz LLP
