NEW YORK, Nov. 18, 2024 (GLOBE NEWSWIRE) — The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Wolfspeed, Inc. (“Wolfspeed” or the “Company”) (NYSE: WOLF) between August 16, 2023 to November 6, 2024, both dates inclusive. You are hereby notified that the class action lawsuit Gary Zagami v. Wolfspeed, Inc., et al. (Case No. 6:24-cv-01395) has been commenced in the United States District Court for the Northern District of New York. To get more information go to:
https://zlk.com/pslra-1/wolfspeed-lawsuit-submission-form
or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500. There is no cost or obligation to you.
The complaint alleges that defendants provided the public with revenue projections that depended on Wolfspeed’s Mohawk Valley fabrication facility ramping its production to meet and/or exceed demand for its 200mm wafer product. On November 6, 2024, Wolfspeed announced its financial results for the first quarter of fiscal year 2025 and unveiled guidance for the second quarter well below expectations. While defendants had repeatedly claimed that 20% utilization of the Mohawk Valley fabrication facility would result in $100 million revenue out of the facility, defendants now guided to a range 30% to 50% below that mark. The Company attributed its results and lowered guidance to “demand … ramp[ing] more slowly than we originally anticipated” as “EV customers revise their launch time lines as the market works though this transition period.”
Investors and analysts reacted immediately to Wolfspeed’s revelation. The price of Wolfspeed’s common stock declined dramatically. From a closing market price of $13.71 per share on November 6, 2024, Wolfspeed’s stock price fell to $8.33 per share on November 7, 2024, a decline of about 39.24% in the span of just a single day.
If you suffered a loss in WOLF securities, you have until January 17, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
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