Wolfspeed Shareholders Invited to Join Securities Class Action for Recent Losses

Invitation to Join Class Action Against Wolfspeed, Inc.

The Gross Law Firm has recently announced the initiation of a securities class action on behalf of shareholders of Wolfspeed, Inc. (NYSE: WOLF). This legal action follows a notable decline in the company's share price, and shareholders who acquired shares during a specific period are encouraged to register for potential claim recovery.

Class Period and Allegations

The class action pertains to shares purchased between August 16, 2023, and November 6, 2024. According to the allegations, the defendants provided projections regarding revenues that hinged on the performance of Wolfspeed's Mohawk Valley fabrication facility. They had repeatedly stated that a mere 20% capacity utilization could yield $100 million in revenue; however, a recent announcement revealed a drastic reduction in their expected performance. In the financial results disclosed on November 6, 2024, Wolfspeed announced guidance for the subsequent quarter that was considerably below analyst expectations, indicating that actual revenues would be from 30% to 50% less than earlier predictions.

The defendants attributed this poor performance to slower-than-anticipated demand growth, notably among electric vehicle (EV) clients, prompting a reassessment of launch timelines within the industry. The consequences of this announcement were swift; on the day following the disclosure, Wolfspeed's stock plummeted from a closing price of $13.71 to $8.33—a startling drop of approximately 39.24% in just 24 hours.

Registration and Next Steps

As a shareholder who may have purchased stock during the specified timeframe, it is crucial to register and take timely action. The deadline to seek appointment as a lead plaintiff is January 17, 2025. However, it is important to note that being appointed as a lead plaintiff is not a prerequisite for participating in any recovery process. Once registered, you will gain access to a monitoring program designed to provide ongoing updates about the case trajectory.

To participate, shareholders should visit this link to secure their involvement and obtain all necessary information regarding the legal proceedings.

The Gross Law Firm's Commitment

The Gross Law Firm is recognized nationally as a leader in class action lawsuits, dedicated to protecting the interests of investors who have suffered losses due to misleading corporate conduct. Their mission is clear: to ensure that corporations uphold ethical standards and are held accountable for fraudulent activities that lead to unjustified stock price inflation.

This class action seeks to recover losses incurred by investors from the misleading statements and material omissions made by Wolfspeed's management. Legal representation carries no upfront costs, so shareholders are encouraged to act promptly to claim their rights.

Contact Information

For further inquiries and detailed information, impacted shareholders can contact:
The Gross Law Firm
15 West 38th Street, 12th Floor, New York, NY 10018
Email: [email protected]
Phone: (646) 453-8903

This is a critical opportunity for shareholders of Wolfspeed, Inc. to advocate for their interests amidst troubling allegations surrounding the company.