#United States #New York #Class Action #Wolfspeed #Pomerantz

Class Action Alert: Important Information for Wolfspeed Investors

The Pomerantz Law Firm recently announced a significant class action lawsuit against Wolfspeed, Inc., a publicly traded company listed on NYSE under the ticker WOLF. This notice primarily targets shareholders who have suffered losses on their investments in the company. If you fit this category, it is crucial to act swiftly as there are important deadlines approaching.

Overview of the Class Action

Pomerantz LLP has initiated this legal action to address allegations that Wolfspeed and certain officers or directors may have engaged in securities fraud or other unlawful business practices. Investors who purchased Wolfspeed securities during the designated Class Period have the opportunity to join the class action by contacting Pomerantz. They can reach out to Danielle Peyton either via email at [email protected] or by phone at 646-581-9980. It's advisable that those interested include their mailing address, contact number, and details of shares purchased to facilitate the process.

Key Dates and Deadlines

Shareholders hoping to be considered as Lead Plaintiff must submit their applications to the Court by January 17, 2025. The timing is critical, as failure to act may result in the loss of their right to be part of this legal action. For those interested in reviewing the Complaint or obtaining additional information, Pomerantz has made the document available on their official website.

Concerns Regarding Wolfspeed's Performance

The legal action comes on the heels of disappointing financial disclosures from Wolfspeed. When the firm reported its financial results for the first quarter of the 2025 fiscal year on November 6, 2024, it not only failed to meet analyst expectations but also issued a downbeat forecast for the subsequent quarter. Previously, the company had claimed that a utilization rate of 20% at its Mohawk Valley fabrication facility would yield revenues around $100 million. Instead, Wolfspeed’s guidance indicated a potential revenue range that was 30% to 50% lower than expected.

Wolfspeed attributed these disappointing results to an unexpected slowdown in demand, particularly as electric vehicle (EV) manufacturers adjusted their launch timelines amidst ongoing market transitions. Following this announcement, shares of Wolfspeed plummeted by $5.38 per share, equating to a 39.24% drop, closing at just $8.33 on the next trading day, November 7, 2024.

About Pomerantz LLP

Pomerantz LLP has a longstanding reputation in handling corporate, securities, and antitrust class litigation, boasting more than 85 years of experience in representing the interests of investors who have fallen victim to corporate misconduct. The firm’s founder, Abraham L. Pomerantz, was a pioneering force in the field of securities class actions, and today, Pomerantz LLP continues to champion the rights of investors, having secured billions in damages on behalf of class members over the years.

Conclusion

If you have invested in Wolfspeed, it is critical to assess your eligibility for participating in this class action. Shareholders are strongly encouraged to reach out to Pomerantz for guidance as the deadline approaches. Remember, your prompt action could significantly impact your ability to recover losses incurred during this tumultuous period for Wolfspeed.

For more detailed information about this case and to take action, visit www.pomerantzlaw.com or contact the firm directly.