Faruqi & Faruqi, LLP Securities Litigation Partners James (Josh) Wilson It encourages investors who have suffered losses of more than $75,000 on Wolfspeed (NYSE: ) to contact him directly to discuss their options.
If you have a loss of more than $75,000 Wolfspeed between August 16, 2023 and November 6, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live at the 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York– (Newsfile Corp. – January 11, 2025) – Faruqi & Faruqi, LLP, a leading securities law firm, is investigating potential claims against Wolfspeed, Inc. (“Wolfspeed” or the “Company”). (NYSE: WOF ) and reminds investors January 17, 2025 deadline seeking the role of lead plaintiff in a securities class action filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has received hundreds of millions of dollars from investors since its founding in 1995. See www.faruqilaw.com.
The complaint alleges that the defendants provided the public with revenue projections dependent on Wolfspeed's Mohawk Valley manufacturing facility ramping up its production to meet and/or exceed demand for its 200mm wafer production.
On November 6, 2024, Wolfspeed announced its financial results for the first quarter of fiscal year 2025 and revealed guidance for the second quarter was below expectations. While defendants have always claimed that 20% utilization of the Mohawk Valley Facility would result in $100 million in revenue outside of the facility, defendants are now being guided in the range of 30% to 50% below that point. The Company explained its results and lowered guidance for “demand … ramp(ing) slower than we originally expected” “EV buyers are revising their launch times as the market works through this transition period.”
Investors and analysts reacted quickly to Wolfspeed's revelation. The price of Wolfspeed's common stock has dropped significantly. From the closing market price of $13.71 per share on November 6, 2024, Wolfspeed's stock price fell to $8.33 per share on November 7, 2024, a decrease of about 39.24% in just one day.
A court-appointed lead plaintiff is an investor with a substantial financial interest in the relief sought by a sufficient and common class of class members who administers and oversees the lawsuit on behalf of the putative class. Any privileged class member may move the Court to act as lead plaintiff through counsel of his or her own choosing, or may choose to remain inactive and remain a non-class member. Your ability to share in any recovery is not affected by the decision to act as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Wolfspeed's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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