Wolfspeed Investors Alert: Class Action Lawsuit Notification

NEW YORK, Dec. 25, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- A class action lawsuit has been initiated against Wolfspeed, Inc. (referred to as "Wolfspeed" or "the Company") and several of its executives. This notification serves to inform investors regarding the ongoing legal proceedings.

Overview of the Class Action

The lawsuit aims to secure restitution for damages claimed against the defendants for alleged breaches of federal securities laws. This case includes all individuals and entities that purchased or acquired Wolfspeed securities during the designated period from August 16, 2023, to November 06, 2024, which is referred to as the "Class Period." Parties that believe they qualify to join this case may visit the law firm's website for further information.

Key Details of the Case

According to the complaint filed, on November 6, 2024, Wolfspeed disclosed disappointing financial results for the first quarter of the fiscal year 2025. The report indicated that operations at the Mohawk Valley facility were significantly underperforming compared to initial expectations, with a reported utilization rate of only 20%. Consequently, Wolfspeed projected revenues that were anticipated to be 30% to 50% lower than the previously expected figure of $100 million. The Company attributed this revenue downturn to lower-than-expected demand, specifically mentioning that electric vehicle (EV) clients were adjusting their product launch timelines as the market experienced a transitional period. Following this announcement, Wolfspeed's stock price fell sharply by more than 39%.

Implications for Investors

The class action lawsuit is already underway. Interested investors can access the complaint at the law firm's website, or they can reach out directly for assistance. It is important for individuals who sustained losses due to investments in Wolfspeed to note that they have until January 17, 2025, to apply for the role of lead plaintiff. However, participation in any recovery from the lawsuit does not require an individual to be appointed as the lead plaintiff.

Legal Representation and Costs

Bronstein, Gewirtz & Grossman, LLC, the law firm handling the case, operates on a contingency fee basis. This means that fees for attorney services and out-of-pocket expenses will only be collected if the firm achieves a positive outcome in the case.

About the Law Firm

Bronstein, Gewirtz & Grossman, LLC is a well-established law firm known for representing investors in cases related to securities fraud and shareholder derivative actions. The firm has successfully recovered substantial amounts for investors across the country.

For further inquiries, individuals may contact Peretz Bronstein or Nathan Miller at the firm directly.

lawsuit, investment, securities