Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Wolfspeed, Inc. regarding a class action lawsuit due to significant stock price decline following disappointing financial results and guidance [1][2]. Group 1: Allegations and Financial Impact - The allegations state that Wolfspeed provided overly optimistic revenue projections based on the expected ramp-up of its Mohawk Valley fabrication facility, which did not materialize as anticipated [2]. - On November 6, 2024, Wolfspeed announced financial results for Q1 FY2025 and provided guidance for Q2 that was significantly below market expectations, attributing this to slower-than-expected demand from EV customers [2]. - Following the announcement, Wolfspeed's stock price plummeted from $13.71 per share to $8.33 per share on November 7, 2024, marking a decline of approximately 39.24% in just one day [2]. Group 2: Class Action Details - The class period for the lawsuit is defined as August 16, 2023, to November 6, 2024, and shareholders are encouraged to register for participation [2][3]. - The deadline for shareholders to seek lead plaintiff status is January 17, 2025, and there is no cost or obligation to participate in the case [3]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case [3]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and illegal business practices [4]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions [4].

Core Viewpoint - The article discusses a class action lawsuit against Wolfspeed, Inc. due to significant financial losses and misleading statements made by the company regarding its business operations and market demand for its products during the specified class period [1][5]. Financial Performance - On November 6, 2024, Wolfspeed reported its first quarter fiscal 2025 financial results, revealing that second quarter guidance was significantly below expectations due to slower-than-anticipated demand from electric vehicle (EV) customers [3]. - The company projected revenue from its Mohawk Valley fabrication facility to be 30% to 50% below the previously estimated $100 million [3]. Stock Market Reaction - Following the release of disappointing financial results, Wolfspeed's stock price dropped by $5.38, or 39.2%, closing at $8.33 per share on November 7, 2024, resulting in investor losses [4]. Allegations in Class Action - The class action complaint alleges that Wolfspeed made materially false and misleading statements and failed to disclose adverse facts about its business and operations, including overstating demand for its key product and reliance on design wins [5]. - It is claimed that the company's growth had begun to taper before achieving the projected revenue, and that positive statements made by the company lacked a reasonable basis [5].

RADNOR, Pa., Dec. 04, 2024 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of New York against Wolfspeed, Inc. (“Wolfspeed”) (NYSE: WOLF) on behalf of those who purchased or otherwise acquired Wolfspeed securities between August 16, 2023, and November 6, 2024, inclusive (the “Class Period”). The lead plaintiff deadline is January 17, 2025 ...

Core Viewpoint - The article discusses a class action lawsuit against Wolfspeed, Inc. for alleged violations of the Securities Exchange Act of 1934, focusing on misleading statements regarding the company's growth and demand for its products during a specified class period [1][3]. Group 1: Lawsuit Details - The class action lawsuit is titled Zagami v. Wolfspeed, Inc., and it involves purchasers of Wolfspeed securities from August 16, 2023, to November 6, 2024 [1]. - The lawsuit alleges that Wolfspeed and its executives made false claims about the growth potential of its Mohawk Valley fabrication facility and overstated demand for its 200mm wafers in the electric vehicle market [3]. - On November 6, 2024, Wolfspeed reported financial results indicating that the expected revenue from the Mohawk Valley facility would be 30% to 50% below the claimed $100 million mark, leading to a stock price drop of over 39% [4]. Group 2: Company Background - Wolfspeed operates as a bandgap semiconductor company specializing in silicon carbide and gallium nitride (GaN) technologies [2]. - The company had previously projected significant revenue potential from its Mohawk Valley facility, claiming it could achieve $2 billion in revenue with only 20% utilization [3]. Group 3: Legal Process - Investors who purchased Wolfspeed securities during the class period can seek appointment as lead plaintiff in the lawsuit, which allows them to represent the interests of the class [5]. - The lead plaintiff can choose a law firm to litigate the case, and participation as lead plaintiff does not affect an investor's ability to share in any potential recovery [5]. Group 4: Law Firm Information - Robbins Geller Rudman & Dowd LLP is a leading law firm in securities fraud cases, having recovered $6.6 billion for investors in class action cases [6]. - The firm has been recognized for securing the most monetary relief for investors and has a significant presence with 200 lawyers across 10 offices [6].

One of the most controversial industries right now is electric vehicles, with the industry's long-term growth opportunities running into a severe near-term slowdown. And within the EV supply chain, silicon carbide (SiC) manufacturer Wolfspeed (WOLF 15.87%) has emerged as perhaps the most controversial company.Wolfspeed has spent a fortune turning itself into a SiC-based semiconductor leader, a key type of chip crucial to the future of EVs. With the stock down over 90% from its highs, is this a golden opport ...

Could Wolfspeed become one of the next hot meme stocks?Wolfpseed (WOLF 12.53%) stock is making big gains again in Monday's trading. The chip specialist's share price was up 14.4% as of 1:30 p.m. ET. Meanwhile, the S&P 500 index was up 0.2%, and the Nasdaq Composite index was up 0.9%.While there isn't any business-specific news pushing Wolfspeed stock higher today, the company's valuation is climbing in conjunction with meme-stock momentum and a bullish backdrop for the broader market. The company's share pr ...

SAN DIEGO, Dec. 2, 2024 /PRNewswire/ -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Wolfspeed, Inc. (NYSE: WOLF) securities between August 16, 2023 and November 6, 2024, inclusive (the "Class Period"), have until Friday, January 17, 2025 to seek appointment as lead plaintiff of the Wolfspeed class action lawsuit.  Captioned Zagami v. Wolfspeed, Inc., No. 24-cv-01395 (N.D.N.Y.), the Wolfspeed class action lawsuit charges Wolfspeed and certain of Wolfspeed's top ...

RADNOR, Pa., Nov. 28, 2024 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of New York against Wolfspeed, Inc. (“Wolfspeed”) (NYSE: WOLF) on behalf of those who purchased or otherwise acquired Wolfspeed securities between August 16, 2023, and November 6, 2024, inclusive (the “Class Period”). The lead plaintiff deadline is January 17, 2025 ...

NEW YORK, Nov. 27, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Wolfspeed, Inc. (NYSE: WOLF) between August 16, 2023 and November 6, 2024, both dates inclusive (the “Class Period”), of the important January 17, 2025 lead plaintiff deadline. SO WHAT: If you purchased Wolfspeed securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join ...

SAN DIEGO, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Wolfspeed, Inc. (NYSE: WOLF) securities between August 16, 2023 and November 6, 2024, inclusive (the “Class Period”), have until Friday, January 17, 2025 to seek appointment as lead plaintiff of the Wolfspeed class action lawsuit. Captioned Zagami v. Wolfspeed, Inc., No. 24-cv-01395 (N.D.N.Y.), the Wolfspeed class action lawsuit charges Wolfspeed and certain of Wolfspeed’s top executives w ...