Investors of Wolfspeed, Inc. Have Opportunity to Lead Class Action Lawsuit

NEW YORK, Dec. 25, 2024 (GLOBE NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC, a well-known law firm, is alerting investors regarding a class action lawsuit that has been initiated against Wolfspeed, Inc. ("Wolfspeed" or "the Company") and several of its executives.

Class Action Details

This legal action is aimed at recovering damages for alleged violations of federal securities laws on behalf of all individuals or entities that purchased or acquired Wolfspeed securities from August 16, 2023, to November 06, 2024 ("the Class Period"). Affected investors are encouraged to engage with this case by visiting the law firm's website.

Case Background

The class action complaint indicates that on November 6, 2024, Wolfspeed disclosed its financial results for the first quarter of its fiscal year 2025. This report revealed that the performance of the Mohawk Valley facility was significantly lower than expected. The Company noted that only 20% utilization of the facility would result in revenues being 30% to 50% less than the projected $100 million. Wolfspeed attributed this shortfall to a delay in demand, particularly stating that electric vehicle (EV) customers were adjusting their product launch timelines amid a market transition. Following this announcement, Wolfspeed's stock price fell by over 39%.

What Investors Need to Know

A class action lawsuit has been officially filed. Investors interested in viewing the full complaint can do so by visiting the firm's website, or by contacting Peretz Bronstein, Esq. or Client Relations Manager, Nathan Miller, at Bronstein, Gewirtz & Grossman, LLC by calling 332-239-2660. If you experienced financial losses related to Wolfspeed, you have until January 17, 2025, to file a request to be appointed as lead plaintiff. It is important to note that participating in the recovery does not require being a lead plaintiff.

No Financial Risk

The law firm operates on a contingency fee basis for class action representation. This means that any expenses and attorney fees, which are typically a percentage of the recovery, will only be requested if the case is successful.

Why Choose Bronstein, Gewirtz & Grossman

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized law firm specializing in representing investors in securities fraud class actions and shareholder derivative lawsuits. They have successfully recovered hundreds of millions of dollars for investors across the country.

Note: This is an attorney advertisement. Previous results do not guarantee similar future outcomes.

lawsuit, investors, Wolfspeed