Wolfspeed Investors Alerted to Class Action Lawsuit Deadline by Levi & Korsinsky

Attention Wolfspeed Investors: Class Action Alert

Investors in Wolfspeed, Inc. are reminded by Levi & Korsinsky, LLP of an impending class action securities lawsuit. This legal action is critical for those who have suffered financial losses due to alleged securities fraud, occurring between August 16, 2023, and November 6, 2024. The deadline to apply as lead plaintiff in this case is set for January 17, 2025.

Background of the Case

Wolfspeed, which trades under the NYSE symbol WOLF, raised substantial investor interest with promises of robust revenue generation from its Mohawk Valley fabrication facility. Initially, projections indicated that a mere 20% utilization of this facility would yield approximately $100 million in revenue. However, the company's financial forecasts unveiled on November 6, 2024, revealed a different story: guidance that was 30% to 50% lower than previously claimed. This stark discrepancy has left many investors in distress as they transition through the difficult realities of the market.

According to the complaint, the defendants at Wolfspeed had consistently assured stakeholders of favorable forecasts relying on increased production and demand. Instead, they later disclosed issues with demand being