SunPower Corporation has announced that it will not be able to file its Quarterly Report on Form 10-Q for the period ended June 30, 2024, by the prescribed due date. The delay is attributed to the company's inability to finalize its financial statements due to previously identified misstatements in its fiscal year 2023 financial reports. These misstatements have affected the company's Annual Report on Form 10-K/A and its Quarterly Reports for the periods ended April 2, July 2, and October 1, 2023. SunPower also disclosed that its internal control over financial reporting had material weaknesses as of those dates. Compounding the company's challenges, its independent accounting firm, Ernst & Young LLP, resigned on June 27, 2024, before completing the audits for the fiscal year 2023 and the...Show More

SunPower Corporation has announced that it will not be able to file its Quarterly Report on Form 10-Q for the period ended June 30, 2024, by the prescribed due date. The delay is attributed to the company's inability to finalize its financial statements due to previously identified misstatements in its fiscal year 2023 financial reports. These misstatements have affected the company's Annual Report on Form 10-K/A and its Quarterly Reports for the periods ended April 2, July 2, and October 1, 2023. SunPower also disclosed that its internal control over financial reporting had material weaknesses as of those dates. Compounding the company's challenges, its independent accounting firm, Ernst & Young LLP, resigned on June 27, 2024, before completing the audits for the fiscal year 2023 and the restatement of the affected financial statements. Furthermore, SunPower and certain subsidiaries filed for Chapter 11 bankruptcy on August 5, 2024, which has diverted management's time and resources. As a result, the company is unable to provide a reasonable estimate of the results for the quarterly periods ended June 30, 2024, and March 31, 2024, until the financial-related adjustments for the fiscal year 2023 are completed.