Wolfspeed, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses; January 17, 2025 Deadline to file Lead Plaintiff Motion

Core Viewpoint - A class action lawsuit has been filed against Wolfspeed, Inc. for allegedly making false statements and failing to disclose critical information regarding its business performance and growth potential during the specified class period [3][4]. Company Overview - Wolfspeed, Inc. is a semiconductor company that specializes in bandgap technologies, particularly silicon carbide and gallium nitride (GaN) [3]. Allegations in the Lawsuit - The lawsuit claims that Wolfspeed exaggerated the growth potential of its Mohawk Valley fabrication facility and the demand for its 200mm wafers in the electric vehicle (EV) market [3]. - It is alleged that the company overstated demand for its core products and relied excessively on projected design wins, while growth at the Mohawk Valley facility had already begun to slow [3]. - Wolfspeed misrepresented the ability of the Mohawk Valley facility to achieve $100 million in quarterly revenue at just 20% utilization, and the promised $2 billion revenue target was deemed unrealistic [3]. Financial Performance and Market Reaction - On November 6, 2024, Wolfspeed announced its financial results for the first quarter of fiscal year 2025, revealing that the actual performance of the Mohawk Valley facility was significantly below expectations [4]. - The facility's 20% utilization would result in revenue being 30% to 50% lower than the previously projected $100 million [4]. - The company attributed the revenue shortfall and lowered guidance to slower-than-expected demand, noting that EV customers were adjusting their launch timelines [4]. - Following this announcement, Wolfspeed's stock price dropped by more than 39% [4].