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SunPower’s stock slides 9% after company says it will restate recent financials

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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

SunPower Corp.’s stock SPWR, tumbled 9% in after-hours trade Tuesday, after the company said it will restate certain past financial statements. The company said statements in its 10-K for the year through Jan. 1, in its 10-Q for the quarter through April 2, its 10[Q for the quarter through July 2, and any statements that are based on those can no longer be relied on.

“In connection with the preparation of the financial statements, the company preliminarily determined that the value of consignment inventory of microinverter components at certain third-party locations had been overstated in the Affected Periods in the range of approximately $16 million to $20 million, resulting in the associated cost of revenue being understated,” the company said in a filing with the Securities and Exchange Commission.

 

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