NEW
YORK, Dec. 23, 2024 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders of
Wolfspeed, Inc. (NYSE: WOLF).
Shareholders who purchased shares of WOLF during the class
period listed are encouraged to contact the firm regarding possible
lead plaintiff appointment. Appointment as lead plaintiff is not
required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/wolfspeed-loss-submission-form/?id=117757&from=4
CLASS PERIOD: August 16,
2023 to November 6, 2024
ALLEGATIONS: According to the complaint, defendants
provided the public with revenue projections that depended on
Wolfspeed's Mohawk Valley fabrication facility ramping its
production to meet and/or exceed demand for its 200mm wafer
product. On November 6, 2024,
Wolfspeed announced its financial results for the first quarter of
fiscal year 2025 and unveiled guidance for the second quarter well
below expectations. While defendants had repeatedly claimed that
20% utilization of the Mohawk Valley fabrication facility would
result in $100 million revenue out of
the facility, defendants now guided to a range 30% to 50% below
that mark. The Company attributed its results and lowered guidance
to "demand … ramp[ing] more slowly than we originally anticipated"
as "EV customers revise their launch time lines as the market works
though this transition period." Investors and analysts
reacted immediately to Wolfspeed's revelation. The price of
Wolfspeed's common stock declined dramatically. From a 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 decline of about
39.24% in the span of just a single day.
DEADLINE: January 17, 2025
Shareholders should not delay in registering for this class action.
Register your information here:
https://securitiesclasslaw.com/securities/wolfspeed-loss-submission-form/?id=117757&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a
shareholder who purchased shares of WOLF during the timeframe
listed above, you will be enrolled in a portfolio monitoring
software to provide you with status updates throughout the
lifecycle of the case. The deadline to seek to be a lead plaintiff
is January 17, 2025. There is no cost
or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal business practices. The Gross Law
Firm is committed to ensuring that companies adhere to responsible
business practices and engage in good corporate citizenship. The
firm seeks recovery on behalf of investors who incurred losses when
false and/or misleading statements or the omission of material
information by a company lead to artificial inflation of the
company's stock. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm
