Faruqi & Faruqi, LLP investigates claims for

Securities litigation partner James (Josh) Wilson encourages investors who have suffered losses at Maxeon to contact him directly to discuss their options

If you purchased or acquired securities investing in Maxeon stock or options between November 15, 2023 and May 29, 2024 and would like to discuss your legal rights, Call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (extension 1310). For more information you can also click here: www.faruqilaw.com/MAXN.

NEW YORK, July 12, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Maxeon Solar Technologies, Ltd. (“Maxeon” or the “Company”) (NASDAQ: MAXN) and reminds investors of the Deadline: 26 August 2024 to serve as lead plaintiff in a federal securities class action lawsuit filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. Since its founding in 1995, the firm has recovered hundreds of millions of dollars for investors. See www.faruqilaw.com.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to disclose to investors: (1) that Maxeon was dependent on exclusive sales of certain products to SunPower; (2) that following the termination of the Master Supply Agreement, the Company was unable to “aggressively ramp up sales”; (3) that as a result, revenues declined significantly; (4) that as a result, the Company suffered a “severe cash flow crisis”; and (5) that as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.

On May 30, 2024, before the stock market opened, Maxeon announced its first quarter 2024 financial results in a press release, reporting a 41% year-over-year decline in revenue to $187.5 million. The company said it was “facing severe cash flow challenges” due in part to the termination of its supply agreement with SunPower. The company said as a result, it was forced to “negotiate commitments for significant liquidity support,” which will result in “significant dilution to existing public shareholders, with TZE (TCL Zhonghuan Renewable Energy Technology Co. Ltd.) ultimately becoming the majority shareholder.”

On this news, the Company’s stock price fell 34.7%, or $1.08, to close at $2.03 per share on May 30, 2024, amid unusually high trading volume.

The court-appointed lead plaintiff will be the investor with the greatest financial interest in the relief sought by the class, who is reasonable and typical of class members, and who will direct and oversee the litigation on behalf of the putative class. Any member of the putative class may, through counsel of his or her choosing, ask the court to serve as lead plaintiff, or he or she may choose to do nothing and remain an absent class member. Your ability to share in any relief will not be affected by your decision to serve as lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Maxeon’s conduct, including whistleblowers, former employees, shareholders and others, to contact the company.

Learn more about the Maxeon Class action lawsuit, go to www.faruqilaw.com/MAXN or Call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (extension 1310).

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