Kessler Topaz Meltzer & Check LLP Calls for Wolfspeed Investors to Join Lawsuit Against Alleged Securities Fraud

Securities Fraud Allegations Against Wolfspeed, Inc.

On December 20, 2024, Kessler Topaz Meltzer & Check, LLP, a renowned law firm, announced the initiation of a securities class action lawsuit against Wolfspeed, Inc. The lawsuit pertains to investors who purchased or acquired the company’s securities during a specified time frame—from August 16, 2023, to November 6, 2024. This legal action originates from allegations of misconduct that potentially caused financial harm to shareholders. Attorneys at Kessler Topaz have expressed their commitment to aiding those investors who may have suffered losses as a result of these alleged actions by Wolfspeed’s management.

Background

Wolfspeed, which trades on the New York Stock Exchange under the ticker symbol WOLF, is a company focused on manufacturing silicon carbide semiconductor devices. The firm’s products are integral to various applications, including the growing electric vehicle market. Investors had been encouraged by optimistic growth projections concerning Wolfspeed's Mohawk Valley facility. However, the lawsuit claims that the company overstated demand for its key products, leading investors to act on misleading information.

The allegations state that Wolfspeed's claims about the anticipated throughput and revenue generation from its Mohawk facility were not supported by reality. Specifically, the lawsuit accuses the company of failing to disclose critical information regarding production capabilities and market demand, which misled stakeholders about the facility’s profitability. As claims of achieving $100 million in quarterly revenue with only partial utilization began to falter, investors faced unexpected losses.

Seeking Lead Plaintiffs

The law firm has outlined the process through which investors can become lead plaintiffs in the class action suit. A lead plaintiff is defined as an individual or group that volunteers to represent the interests of the entire class in legal matters. Those interested in this role have until January 17, 2025, to submit a request for consideration. Kessler Topaz assures that participation as a lead plaintiff does not affect the recovery potential if investors merely elect to remain part of the class without active participation.

The complaint, alongside the legal questioning of Wolfspeed's optimistic public statements, raises significant concerns about the management's responsibilities and duties towards their shareholders."

In light of these developments, Kessler Topaz is proactively seeking investors who have faced losses related to their Wolfspeed investments. The firm is prepared to provide further insights and support during this tumultuous period for shareholders.

About Kessler Topaz Meltzer & Check, LLP

Kessler Topaz has established a reputation for delivering results by successfully handling class actions across different jurisdictions. The firm aims to safeguard the rights of investors, consumers, and employees. With recorded recoveries running into billions for alleged instances of fraud and mismanagement, Kessler Topaz’s expertise could be invaluable to those affected by the current situation surrounding Wolfspeed.

Investors who wish to gain more information or seek legal counsel about their potential claims are encouraged to directly contact Kessler Topaz Meltzer & Check, LLP. For further details, individuals may visit their website or reach out to designated representatives via phone or email.

Contact Details

Those impacted by the situation or considering joining the lawsuit can contact:

Jonathan Naji, Esq.
Kessler Topaz Meltzer & Check, LLP
(484) 270-1453
Email: [email protected]