SunPower To Pay $20M To Shareholders Over False Reports

Law360, San Francisco (March 14, 2013, 9:58 PM EDT) -- A California federal judge Thursday preliminarily approved a $19.7 million settlement between SunPower Corp. and a class of shareholders who claim the solar-power company falsely inflated earnings reports, leading stock values to fall 20 percent the day the alleged misconduct was revealed.

U.S. District Court Judge Richard Seeborg also allowed the Arkansas Teacher Retirement System, Forsta-AP Fonden and Danske Invest Management A/S to become the lead plaintiffs for the shareholder class, representing thousands of shareholders who bought SunPower shares between April 17, 2008, and November 16,...
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