Wolfspeed Shareholders Urged to Act Before January 17, 2025 Deadline in Class Action Lawsuit
In a recent announcement, The Gross Law Firm has notified shareholders of Wolfspeed, Inc. (NYSE: WOLF) about an important class action lawsuit concerning their investment. This law firm is urging those who purchased shares between August 16, 2023, and November 6, 2024, to take prompt action. As the deadline to be a lead plaintiff in this case approaches on January 17, 2025, shareholders should not delay in registering. This opportunity allows shareholders to participate in potential recovery without necessarily being appointed as lead plaintiffs.
The legal action stems from allegations that Wolfspeed's management provided misleading revenue projections tied to the company's Mohawk Valley fabrication facility, which produces 200mm wafers. According to the lawsuit, the management's assurances that a 20% utilization of this facility would generate $100 million in revenue have come under scrutiny. However, when Wolfspeed released its financial results on November 6, 2024, the reality was a stark contrast. The company's guidance indicated a projected revenue decrease of 30% to 50% from the previous expectations, which left many investors shocked.
On that consequential day, Wolfspeed’s stock plummeted from $13.71 per share to just $8.33—a staggering drop of nearly 39.24% in only 24 hours. This significant decline was attributed to the slower-than-expected ramp-up in demand for electric vehicle (EV) products, as customers revised their launch timelines amid ongoing market transitions.
Shareholders who registered on the Gross Law Firm’s official site will be able to utilize portfolio monitoring software which will keep them updated throughout the case’s lifecycle. Participation in this lawsuit provides investors with the potential for recovery from losses incurred due to the company's alleged misconduct regarding disclosure of material information. Furthermore, there’s no obligation or cost for registered shareholders to engage in the class action.
The Gross Law Firm has established itself as a reputable national class action law firm, particularly focusing on safeguarding the rights of investors affected by corporate fraud, deceit, and inadequate disclosures. Their mission is to ensure that companies operate with accountability and integrity, ultimately protecting the interests of shareholders. As they navigate this lawsuit, they remain committed to recovering losses for investors impacted by misleading business practices.
Given the timeline and the circumstances, it is crucial for current and former shareholders of Wolfspeed to act swiftly. The decision to register is a vital step for anyone looking to join this collective effort against what they may find as deceptive practices by the company. Interested parties can find more information and register on the Gross Law Firm's official website, ensuring that they do not miss this essential opportunity.
Provided below are actionable steps for eligible shareholders:
For those looking to understand their rights and possibilities of recovering losses due to financial misrepresentation, contacting The Gross Law Firm might provide the guidance needed. Their contact information follows for further inquiries:
As the legal proceedings unfold, shareholders remain hopeful for justice and accountability as vital components in restoring trust and ensuring proper communication from corporations like Wolfspeed.
The legal action stems from allegations that Wolfspeed's management provided misleading revenue projections tied to the company's Mohawk Valley fabrication facility, which produces 200mm wafers. According to the lawsuit, the management's assurances that a 20% utilization of this facility would generate $100 million in revenue have come under scrutiny. However, when Wolfspeed released its financial results on November 6, 2024, the reality was a stark contrast. The company's guidance indicated a projected revenue decrease of 30% to 50% from the previous expectations, which left many investors shocked.
On that consequential day, Wolfspeed’s stock plummeted from $13.71 per share to just $8.33—a staggering drop of nearly 39.24% in only 24 hours. This significant decline was attributed to the slower-than-expected ramp-up in demand for electric vehicle (EV) products, as customers revised their launch timelines amid ongoing market transitions.
Shareholders who registered on the Gross Law Firm’s official site will be able to utilize portfolio monitoring software which will keep them updated throughout the case’s lifecycle. Participation in this lawsuit provides investors with the potential for recovery from losses incurred due to the company's alleged misconduct regarding disclosure of material information. Furthermore, there’s no obligation or cost for registered shareholders to engage in the class action.
The Gross Law Firm has established itself as a reputable national class action law firm, particularly focusing on safeguarding the rights of investors affected by corporate fraud, deceit, and inadequate disclosures. Their mission is to ensure that companies operate with accountability and integrity, ultimately protecting the interests of shareholders. As they navigate this lawsuit, they remain committed to recovering losses for investors impacted by misleading business practices.
Given the timeline and the circumstances, it is crucial for current and former shareholders of Wolfspeed to act swiftly. The decision to register is a vital step for anyone looking to join this collective effort against what they may find as deceptive practices by the company. Interested parties can find more information and register on the Gross Law Firm's official website, ensuring that they do not miss this essential opportunity.
Provided below are actionable steps for eligible shareholders:
- - Visit the official registration link where you can submit your claims.
- - Make sure to register before January 17, 2025, the critical deadline for lead plaintiff applications.
- - Utilize the provided monitoring tools to stay informed on the status of your engagement in the lawsuit.
For those looking to understand their rights and possibilities of recovering losses due to financial misrepresentation, contacting The Gross Law Firm might provide the guidance needed. Their contact information follows for further inquiries:
- - Address: 15 West 38th Street, 12th Floor, New York, NY, 10018
- - Email: [email protected]
- - Phone: (646) 453-8903
As the legal proceedings unfold, shareholders remain hopeful for justice and accountability as vital components in restoring trust and ensuring proper communication from corporations like Wolfspeed.
Topics Financial Services & Investing）
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