Wolfspeed, Inc. Investors: Class action lawsuit filed on behalf of investors; the Portnoy Law Firm

Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, July 02, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Wolfspeed, Inc. ("Wolfspeed" or the "Company") (NYSE: WOLF) investors that a class action has been filed on behalf of investors. Wolfspeed investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

On August 16, 2023, Wolfspeed issued a press release reporting its financial results for the fourth quarter and full fiscal year 2023. Providing a weaker-than-expected business outlook for 2024, Wolfspeed said that it expects sales to fall within a range of $220 million to $240 million and that it expects to lose between $0.60 and $0.75 per share, significantly more 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. 

Then, on May 1, 2024, Wolfspeed issued a press release announcing its financial results for the first quarter of 2024. Among other items, Wolfspeed reported revenue of $200.7 million, missing analyst estimates of $201.09 million. 

On this news, Wolfspeed's stock price fell $2.55 per share, or 9.77%, to close a $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 plant in Germany" and "won't start construction . . . until mid-2025 at the earliest, two years later than its original target." 

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.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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