NEW YORK, Dec. 16, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Wolfspeed, Inc. (NYSE: WOLF).
Shareholders who purchased shares of WOLF during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/wolfspeed-loss-submission-form/?id=116382&from=4
CLASS PERIOD: August 16, 2023 to November 6, 2024
ALLEGATIONS: According to the complaint, defendants provided the public with revenue projections that depended on Wolfspeed's Mohawk Valley fabrication facility ramping its production to meet and/or exceed demand for its 200mm wafer product. On November 6, 2024, Wolfspeed announced its financial results for the first quarter of fiscal year 2025 and unveiled guidance for the second quarter well below expectations. While defendants had repeatedly claimed that 20% utilization of the Mohawk Valley fabrication facility would result in $100 million revenue out of the facility, defendants now guided to a range 30% to 50% below that mark. The Company attributed its results and lowered guidance to "demand … ramp[ing] more slowly than we originally anticipated" as "EV customers revise their launch time lines as the market works though this transition period." Investors and analysts reacted immediately to Wolfspeed's revelation. The price of Wolfspeed's common stock declined dramatically. 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.
DEADLINE: January 17, 2025 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/wolfspeed-loss-submission-form/?id=116382&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of WOLF during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is January 17, 2025. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
View original content to download multimedia:https://www.prnewswire.com/news-releases/class-action-filed-against-wolfspeed-inc-wolf-seeking-recovery-for-investors--contact-the-gross-law-firm-302331673.html
SOURCE The Gross Law Firm
