Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Maxeon Solar Technologies, Ltd. (MAXN)

Financial Performance - Maxeon reported a 41% year-over-year decline in revenue for Q1 2024, totaling $187.5 million [1] - The company is facing a serious cash flow challenge due to the termination of the SunPower supply agreement [1] Shareholder Impact - The termination of the supply agreement has forced Maxeon to negotiate significant liquidity support, leading to substantial dilution for existing public shareholders [1] - TCL Zhonghuan Renewable Energy Technology Co. Ltd. is expected to become a controlling shareholder as a result of these negotiations [1] Legal Proceedings - A class action lawsuit has been filed against Maxeon, alleging that the company made materially false and misleading statements regarding its business and operations during the Class Period [1] - The Class Period is defined as November 15, 2023, to May 29, 2024, and investors can request to be appointed as lead plaintiff by August 26, 2024 [2][3] Market Reaction - Following the announcement of the financial results, Maxeon's share price fell by 34.7%, or $1.08, closing at $2.03 per share on May 30, 2024, with unusually heavy trading volume [4]