Wolfspeed(US:WOLF) Prnewswireยท2024-12-05 10:45Core 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].