SunPower Investor Sues Over $8M In Restatement Costs

Law360, Wilmington (June 6, 2011, 1:53 PM EDT) -- A SunPower Corp. shareholder is suing the solar panel giant’s board over financial restatements that allegedly burdened the company with $8 million in unnecessary costs and untold potential liability from pending securities fraud litigation, according to a complaint unsealed Friday in Delaware state court.

Shareholder Melvin J. Brenner contends in a derivative suit that the company’s board, particularly members of its audit committee, breached fiduciary duties to shareholders by neglecting to keep accounting practices in line with the company’s rapid growth as revenues increased 20-fold between...
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