#United States #New York #Class Action #Gross Law Firm #Wolfspeed Inc.

Class Action Lawsuit Notification for Wolfspeed, Inc. Shareholders

The Gross Law Firm has recently initiated a notification for shareholders of Wolfspeed, Inc. (ticker: WOLF) regarding a significant class action lawsuit. This legal action is primarily focused on shareholders who acquired WOLF shares during the defined class period, which runs from August 16, 2023, to November 6, 2024. As various allegations arise, impacted shareholders are encouraged to take swift action to ensure they are considered in the case.

What Happened?

Wolfspeed has faced scrutiny related to its revenue projections linked to the performance of its Mohawk Valley fabrication facility. Allegations suggest that the company provided overly optimistic forecasts based on assumptions that this facility would ramp up its production capacity to fulfill demand for its 200mm wafer products.

However, on November 6, 2024, Wolfspeed published its financial results for the first quarter of fiscal year 2025. The disclosure fell markedly short of investor expectations, prompting a drastic adjustment in revenue guidance for the upcoming quarter. Specifically, Wolfspeed indicated that the utilization rate of the Mohawk facility would only manage between 30% to 50% of the figures initially projected, which had promised revenues of $100 million if the facility achieved 20% utilization.

As a result, Wolfspeed attributed the underperformance to a slower-than-anticipated ramp-up in demand, particularly as electric vehicle (EV) clients altered their production timelines during a transitional phase in the market.

This announcement had immediate consequences for investors. Following their release, Wolfspeed’s stock plummeted from $13.71 to $8.33 in a single day, reflecting a sharp decline of approximately 39.24%.

Who Can Participate?

Shareholders who purchased stock within this class period may be eligible to take part in the lawsuit, even if they are not lead plaintiffs. The Gross Law Firm is encouraging all interested parties to contact them promptly for inclusion.

Important Dates and Next Steps

Key Deadline

The deadline for shareholders to register their participation and be counted is January 17, 2025. It's crucial for anyone who holds a stake in WOLF within the specified timeframe to register immediately.

Registration Process

Interested shareholders can register via the following link: Wolfspeed class action registration.

Upon registration, shareholders will receive access to a portfolio monitoring system that delivers updates regarding the case. Importantly, participating in this lawsuit comes at no cost or obligation to those involved.

Why Choose The Gross Law Firm?

The Gross Law Firm is a reputable entity in the realm of class action litigation, tasked with the protection of investors' rights against deceitful practices, fraudulent activities, and illegal business operations. Their mission emphasizes accountability and fair business conduct, striving for recovery on behalf of those who suffered financial loss as a result of misleading statements or omission of critical information.

Contact Information

For additional inquiries, shareholders can reach The Gross Law Firm directly:
15 West 38th Street, 12th floor,
New York, NY, 10018
Email: info@grosslawfirm.com
Phone: (646) 453-8903

Act swiftly to protect your investments and explore your options regarding this class action lawsuit. Shareholders must act quickly to secure their position in this case, ensuring that they do not miss the crucial registration deadline.