Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Wolfspeed, Inc. (WOLF)

Globe Newswire 18-Nov-2024 5:12 PM

NEW YORK, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of New York on behalf of all persons or entities who purchased or otherwise acquired Wolfspeed, Inc. ("Wolf Speed, Inc." or the "Company") (NYSE:WOLF) securities between August 16, 2023 to November 6, 2024, inclusive (the "Class Period"). The lawsuit seeks to recover damages for the Company's investors under the federal securities laws.

The Complaint alleges that on November 6, 2024, after market hours, Reuters published an article entitled "Chipmaker Wolfspeed projects revenue below estimates on weak auto demand, shares sink." This article stated that Wolfspeed "forecast quarterly revenue below estimates on Wednesday and said it would book $174 million in restructuring charges for the planned closure of a facility, as the chipmaker deals with sluggish demand from automotive customers. [. . .] The company dropped plans last month to build a factory in Ensdorf, Germany, citing the slower adoption of EVs in Europe." On this news, the Company stock fell 39% on November 7, 2024.

Investors who purchased or otherwise acquired shares of Wolfspeed should contact the Firm prior lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.