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Wolfspeed Class Action Lawsuit: Investor Alert

The law firm Robbins Geller Rudman & Dowd LLP has issued a notice for investors in Wolfspeed, Inc. (NYSE: WOLF). If you acquired these securities between August 16, 2023, and November 6, 2024, you are eligible to apply for the position of lead plaintiff in an ongoing class action lawsuit. The deadline for this application is January 17, 2025.

This lawsuit alleges significant misconduct on the part of Wolfspeed and some of its executives, in line with the Securities Exchange Act of 1934. Specifically, it is claimed that during the class period, Wolfspeed made misleading statements regarding the potential growth of their Mohawk Valley fabrication facility and the demand for their 200mm wafers in the electric vehicle sector.

Basis of the Allegations

According to the details of the lawsuit, Wolfspeed presented overly optimistic claims regarding their expansion plans and revenue projections. Investors were led to believe that the facility would generate $100 million in revenue per quarter at just 20% utilization, and eventually achieve revenues of $2 billion. However, actual performance revealed that the facility was falling far short of these projections, resulting in significant losses for investors.

On November 6, 2024, Wolfspeed disclosed a significant drop in its financial results for the first quarter of the fiscal year. The announcement clarified that the estimated revenues would be between 30% and 50% lower than initially promised due to the slow ramping of demand as electric vehicle manufacturers revised their timelines. Following this disclosure, Wolfspeed's stock plummeted by more than 39%.

The Role of the Lead Plaintiff

Under the Private Securities Litigation Reform Act of 1995, any investor who purchased Wolfspeed securities during the stated class period has the opportunity to claim the role of lead plaintiff. This individual will act on behalf of all class members in directing the lawsuit. Being a lead plaintiff provides a unique chance for shareholders to pursue justice and accountability, while they can also select their legal representation.

It is important to note that even if you do not seek the position of lead plaintiff, your ability to recover any potential damages is still intact.

About Robbins Geller

Robbins Geller Rudman & Dowd LLP is a major player in the legal arena, particularly in securities fraud cases. Recognized as a leader in this field, the firm has secured over $6.6 billion for investors in prior class action lawsuits. They have ranked first in the ISS Securities Class Action Services for six of the past ten years, emphasizing their commitment to protecting investors' rights.

For those interested in pursuing a lead plaintiff position, you can seek further information on the procedure by visiting the Robbins Geller website or by reaching out directly to attorneys J.C. Sanchez or Jennifer N. Caringal at 800-449-4900 or via email at [email protected].

This class action lawsuit represents a crucial opportunity for Wolfspeed investors. If you believe that you are a victim of misleading statements and suffered financial losses, now is the time to act and stand for your rights as a shareholder.