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Important Notice for Wolfspeed Shareholders

Wolfspeed, Inc. (NYSE: WOLF) shareholders are being encouraged to reach out to The Gross Law Firm if they purchased shares during the specified class period. The firm is reaching out to those who might be impacted by the company’s recent performance announcements and potential implications on stock value.

Class Period Details

The relevant class period for this action spans from August 16, 2023, to November 6, 2024. The Gross Law Firm aims to assist shareholders who feel they may have been misled due to revenue projections related to Wolfspeed's operations, specifically concerning the Mohawk Valley fabrication facility.

Allegations Against Wolfspeed

The allegations state that Wolfspeed's management issued optimistic revenue forecasts that were heavily reliant on the Mohawk facility meeting or exceeding production targets for its 200mm wafer products. Unfortunately, on November 6, 2024, the company disclosed that the financial results for the first quarter of the fiscal year 2025 were significantly below expectations. Furthermore, guidance for the second quarter also fell short of investor hopes.

Investors were alarmed to learn that despite previous assurances of achieving $100 million in revenue based on a 20% utilization rate at the Mohawk facility, the real projection was now estimated to be 30% to 50% lower than that. This discrepancy was attributed to slower-than-anticipated demand from electric vehicle manufacturers, whose timelines have since been adjusted as the market transitions.

Impact on Shareholders

The immediate response from investors was a swift decline in Wolfspeed’s stock price, plummeting approximately 39.24% in just one day — from $13.71 per share on November 6 to $8.33 on November 7, 2024. This shocking drop has triggered concerns among shareholders, prompting The Gross Law Firm to take action on their behalf.

How to Get Involved

Wolfspeed shareholders are advised not to delay registering for this class action. Interested parties can access the appropriate forms on The Gross Law Firm's website. The deadline to file for lead plaintiff status is January 17, 2025. Participants involved in this class action will enroll in comprehensive monitoring services to keep them updated on the case's progress without any cost or obligation.

Why Choose The Gross Law Firm?

The Gross Law Firm is recognized on a national scale for handling class action cases, especially those involving corporate malfeasance that affects investor interests. Their commitment lies in safeguarding the rights of those who have suffered due to misleading practices, ensuring that companies uphold ethical standards in their business operations. They strive to achieve recovery for investors who have faced losses due to inflation of stock value caused by deceptive practices or withheld information.

For further assistance, shareholders can contact The Gross Law Firm directly:

• - Address: 15 West 38th Street, 12th Floor, New York, NY, 10018
• - Email: [email protected]
• - Phone: (646) 453-8903

This is a critical period for Wolfspeed, Inc. shareholders, and those affected are encouraged to act quickly to protect their investments and rights as stockholders.