Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Wolfspeed, Inc. (WOLF)

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].