NEW YORK, Nov. 29, 2024 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Wolfspeed, Inc. ("Wolfspeed" or "the Company") (NYSE: WOLF) and certain of its officers.

Class Definition

This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Wolfspeed securities between August 16, 2023 and November 06, 2024 inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/WOLF.

Case Details

The Complaint alleges that on November 6, 2024, Wolfspeed announced its financial results for the first quarter of fiscal year 2025, revealing that the actual performance of the Mohawk Valley facility was far below expectations, and that the 20% utilization of the facility would lead to revenue 30% to 50% lower than the previously projected $100 million. The Complaint adds that the company attributed the shortfall and lowered guidance to slower-than-expected demand, citing that EV customers were adjusting their launch timelines as the market navigated a transition period. Following this announcement, Wolfspeed's stock price reportedly dropped by more than 39%.

What's Next?

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/WOLF. or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Wolfspeed 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 lead plaintiff.

There is No Cost to You

We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.

Why Bronstein, Gewirtz & Grossman

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.

Attorney advertising. Prior results do not guarantee similar outcomes.

Contact

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Nathan Miller

332-239-2660 | info@bgandg.com

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SOURCE Bronstein, Gewirtz & Grossman, LLC