Wolfspeed Investors Alert: Class Action Lawsuit Initiated

NEW YORK, Dec. 25, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a well-known law firm, is informing investors that a class action lawsuit has been filed against Wolfspeed, Inc. ("Wolfspeed" or "the Company") WOLF, along with certain of its officers.

Overview of the Class Action

This lawsuit aims to seek recovery of damages on behalf of all individuals and entities that purchased or acquired Wolfspeed securities between August 16, 2023, and November 06, 2024, referred to as the "Class Period." Investors who believe they qualify are encouraged to participate in this case by visiting the firm's website.

Details of the Case

The complaint claims that on November 6, 2024, Wolfspeed disclosed its financial results for the first quarter of the fiscal year 2025. The report indicated that the performance of the company's Mohawk Valley facility was significantly below expectations, achieving only 20% utilization. This performance was expected to result in revenue falling by 30% to 50% compared to the prior forecast of $100 million. The company linked this shortfall to slower-than-anticipated demand and noted that electric vehicle (EV) customers were adjusting their launch timelines as the market experienced a transitional phase. Following this announcement, Wolfspeed's stock price reportedly experienced a decline of over 39%.

Next Steps for Investors

A class action lawsuit has already been filed. Those wishing to review the complaint can access further information through the firm's site. Additionally, individuals may contact Peretz Bronstein, Esq., or Client Relations Manager Nathan Miller of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. Investors who experienced losses with Wolfspeed have until January 17, 2025, to request that the court appoint them as lead plaintiff. Importantly, it is not required to serve as lead plaintiff to participate in any potential recovery.

No Upfront Costs

The firm represents investors in class actions on a contingency fee basis, meaning that legal fees and other expenses will only be charged if the case is successful. If the firm wins the case, they will seek reimbursement from the court for out-of-pocket expenses and a portion of the total recovery.

About Bronstein, Gewirtz & Grossman

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm specializing in representing investors in securities fraud class actions and shareholder derivative lawsuits. The firm has successfully recovered hundreds of millions of dollars for its clients across the nation.

Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

For more information, please contact:

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Nathan Miller

332-239-2660

[email protected]

Lawsuit, Wolfspeed, Investors