Investors can Contact the law firm free of charge to learn more about recovering their losses
LOS ANGELES, July 9, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises investors of Wolfspeed, Inc. (“Wolfspeed” or the “Company”) (NYSE: WOLF) that a class action lawsuit has been filed on behalf of investors. Wolfspeed investors who lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact Attorney Lesley F. Portnoy by phone at 310-692-8883 or by email at [email protected] to discuss their legal claims, or click here to join the case at www.portnoylaw.com. The Portnoy Law Firm can provide a free case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On August 16, 2023, Wolfspeed issued a press release announcing its financial results for the fourth quarter and full fiscal year 2023. Wolfspeed provided a weaker-than-expected business outlook for 2024, saying the company expects revenue in a range of $220 million to $240 million and expects a loss between $0.60 and $0.75 per share, significantly wider than analyst expectations of a loss of $0.20 per share.
On this news, Wolfspeed’s stock price fell $9.07 per share, or 17.06%, to close at $44.10 per share on August 17, 2023.
On May 1, 2024, Wolfspeed then released a press release announcing its financial results for the first quarter of 2024. Among other things, Wolfspeed reported revenue of $200.7 million, below analyst estimates of $201.09 million.
On this news, Wolfspeed’s stock price fell $2.55 per share, or 9.77%, to close at $23.56 per share on May 2, 2024.
Then, on June 20, 2024, Reuters reported that Wolfspeed had “delayed plans to build a $3 billion factory in Germany” and “will not begin construction until mid-2025 at the earliest, two years later than originally planned.”
On this news, Wolfspeed’s stock price fell $2.24 per share, or 8.62%, to close at $23.76 per share on June 20, 2024.
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The Portnoy Law Firm represents investors in claims arising from corporate malpractice. The firm’s founding partner has recovered more than $5.5 billion for injured investors. Attorney Advertising. Past results do not guarantee similar results.
Lesley F. Portnoy, Esq.
Admitted to the bar in California and New York
[email protected]
310-692-8883
www.portnoylaw.com
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