Core Insights - Maxeon Solar Technologies reported second quarter revenue of $184 million, with total shipments of 526 MW, reflecting a challenging market environment due to competitive pressures and regulatory issues [5][17] - The company has withdrawn its financial guidance for the third quarter and full year 2024 due to significant uncertainties, including customs detentions affecting U.S. shipments, which accounted for over 60% of its second quarter revenue [2][14] - TZE has made a $100 million equity investment in Maxeon, becoming the controlling shareholder, which is expected to improve the company's financial stability [10][12] Financial Performance - The second quarter revenue of $184 million represents a decline from $348 million in the same quarter last year [30] - GAAP operating expenses for the quarter were $62 million, including an $11 million provision for expected credit losses related to SunPower Corp.'s bankruptcy [5][30] - The company reported a net income of $11.7 million for the second quarter, a significant improvement compared to a net loss of $1.5 million in the same quarter last year [30] Business Overview - Utility scale business revenue increased by 12% sequentially to $109 million, driven by higher volume shipments to U.S. customers, although future shipments are expected to decline due to project delays and customs detentions [6][7] - Distributed generation (DG) business revenue reached $75 million, representing an 11% sequential growth, aided by inventory clearance of older generation products [7] - The company is facing intense price pressure in European and Australian markets due to oversupply from Southeast Asia and China [7] Recapitalization and Debt Management - Maxeon has undertaken significant recapitalization efforts, reducing total debt from $366 million to $278 million on a pro forma basis after recent bond conversions [10] - The company has experienced substantial shareholder dilution, with total shares outstanding increasing from 55.7 million to approximately 1.4 billion due to restructuring efforts [9][10] - A proposed 100 for 1 reverse share split was approved to help regain compliance with Nasdaq listing requirements [9] Transformation Initiatives - A Strategy and Transformation Office has been established to drive initiatives aimed at improving cost efficiency and competitiveness [12] - The company is evaluating its operations and supply chain in response to market challenges, including potential shutdowns of certain manufacturing facilities [6][12] Leadership Changes - The company announced a leadership change with Mr. Ken Olson appointed as Interim Chief Financial Officer following the departure of Mr. Kai Strohbecke [13] Regulatory Challenges - Maxeon faced its first-ever customs detentions of solar modules imported from Mexico, impacting its ability to ship products to the U.S. market [14][15] - The company is cooperating with U.S. Customs and Border Protection to resolve compliance issues related to the Uyghur Forced Labor Prevention Act [14][15]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Maxeon Solar Technologies, Ltd. securities during the specified Class Period of the upcoming lead plaintiff deadline on August 26, 2024 [1]. Group 1: Class Action Details - Investors who bought Maxeon securities between November 15, 2023, and May 29, 2024, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by contacting the law firm or submitting a form [3][6]. - The lawsuit alleges that Maxeon made false or misleading statements regarding its reliance on sales to SunPower Corp., which led to a significant decline in revenue and a cash flow crisis [5]. Group 2: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest settlement against a Chinese company and being ranked No. 1 for securities class action settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]. - Founding partner Laurence Rosen has been recognized as a leading figure in the plaintiffs' bar, highlighting the firm's expertise in this area [4].

LOS ANGELES, Aug. 22, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Maxeon Solar Technologies, Ltd. ("Maxeon" or "the Company") (NASDAQ: MAXN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company's securities between November 15, 2023 and May 29, 2024, inclusive (the "Clas ...

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Maxeon Solar Technologies, Ltd. securities during the specified class period of the upcoming lead plaintiff deadline on August 26, 2024 [1]. Group 1: Class Action Details - Investors who purchased Maxeon securities between November 15, 2023, and May 29, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by August 26, 2024 [3]. - Investors can join the class action by visiting the provided link or contacting the law firm directly for more information [6]. Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4]. - The firm has secured the largest securities class action settlement against a Chinese company and has consistently ranked among the top firms for securities class action settlements since 2013 [4]. - In 2019, the firm recovered over $438 million for investors, showcasing its capability in handling such cases [4]. Group 3: Case Allegations - The lawsuit alleges that Maxeon made false or misleading statements regarding its reliance on sales to SunPower Corp. and the impact of the termination of their Master Supply Agreement [5]. - Following the termination of the agreement, Maxeon reportedly faced significant revenue declines and a serious cash flow crisis, contradicting previous positive statements made by the company [5]. - The lawsuit claims that when the true details became public, investors suffered damages due to the misleading information [5].

NEW YORK, Aug. 17, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) between November 15, 2023 and May 29, 2024, both dates inclusive (the "Class Period"), of the important August 26, 2024 lead plaintiff deadline. SO WHAT: If you purchased Maxeon securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arr ...

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Maxeon To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $50,000 investing in Maxeon stock or options between November 15, 2023 and May 29, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqi ...

LOS ANGELES, Aug. 6, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Maxeon Solar Technologies, Ltd. ("Maxeon" or "the Company") (NASDAQ: MAXN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company's securities between November 15, 2023 and May 29, 2024, inclusive (the "Class ...

NEW YORK, Aug. 04, 2024 (GLOBE NEWSWIRE) -- ______________________ WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) between November 15, 2023 and May 29, 2024, both dates inclusive (the "Class Period"), of the important August 26, 2024 lead plaintiff deadline. SO WHAT: If you purchased Maxeon securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs throug ...

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Maxeon To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $50,000 investing in Maxeon stock or options between November 15, 2023 and May 29, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqi ...

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Maxeon Solar Technologies, Ltd. securities during the specified class period of the upcoming lead plaintiff deadline on August 26, 2024 [1]. Group 1: Class Action Details - Investors who purchased Maxeon securities between November 15, 2023, and May 29, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by contacting the firm or visiting their website [3][6]. - The lawsuit alleges that Maxeon made false or misleading statements regarding its business operations, particularly concerning its reliance on SunPower Corp. and the impact of the termination of their supply agreement [5]. Group 2: Legal Representation - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions, highlighting their own success in recovering significant settlements for investors [4]. - The firm has been recognized for its leadership in securities class action settlements, achieving the largest settlement against a Chinese company and ranking highly in the number of settlements since 2013 [4].