Shares of SunPower Corp. are trading below previous 52-week lows in Tuesday’s after-hours session following news the company will be restating financial statements for 2022 and for the first two quarters of 2023.
SunPower said it “preliminarily determined that the value of consignment inventory of microinverter components at certain third-party locations had been overstated in the affected periods in the range of approximately $16 million to $20 million.”
At 4:42 p.m. EDT, the company’s shares had fallen 9.4% to trade at $4.49. The stock touched a 52-week low of $4.73 on Oct. 20.