Wolfspeed(US:WOLF) Prnewswireยท2024-12-16 10:45Core Viewpoint - Wolfspeed, Inc. has faced significant stock price decline following disappointing financial results and lowered guidance, attributed to slower-than-expected demand ramp-up from electric vehicle (EV) customers [2]. Group 1: Financial Performance - Wolfspeed announced its financial results for Q1 of fiscal year 2025 on November 6, 2024, revealing guidance for Q2 that was well below market expectations [2]. - The company had previously projected that 20% utilization of its Mohawk Valley fabrication facility would yield $100 million in revenue, but now expects a revenue range that is 30% to 50% below that figure [2]. - Following the announcement, Wolfspeed's stock price plummeted from $13.71 per share to $8.33 per share, marking a decline of approximately 39.24% in just one day [2]. Group 2: Class Action Notice - Shareholders who purchased shares of Wolfspeed during the class period from August 16, 2023, to November 6, 2024, are encouraged to contact the Gross Law Firm regarding potential lead plaintiff appointment [1][2]. - The deadline for shareholders to register for the class action is January 17, 2025, and there is no cost or obligation to participate [3]. - Once registered, shareholders will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [3]. Group 3: Legal Context - The Gross Law Firm aims to protect investors' rights who have suffered losses due to misleading statements or omissions by companies, which can lead to artificial inflation of stock prices [4].