Wolfspeed Investors Targeted in Class Action Lawsuit

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 initiated against Wolfspeed, Inc. ("Wolfspeed" or "the Company") WOLF and several of its executives.

Details of the Class Action

This lawsuit aims to recover damages from the defendants for purported breaches of federal securities laws. The action is on behalf of all individuals and entities that bought or otherwise acquired Wolfspeed securities between August 16, 2023, and November 06, 2024, inclusive (the "Class Period"). Investors who believe they qualify are invited to participate in this case by visiting the firm’s website.

Case Background

The complaint alleges that on November 6, 2024, Wolfspeed disclosed its financial results for the first quarter of the 2025 fiscal year. The announcement revealed that the actual performance of the Mohawk Valley facility fell significantly short of anticipated levels, with the facility operating at only 20% capacity. This underperformance led to a projected revenue drop of 30% to 50% from the previously expected $100 million. The Company attributed these disappointing figures to slower-than-expected demand, particularly noting that electric vehicle (EV) customers were adjusting their launch timelines as the market transitioned. Following this news, Wolfspeed's stock price plummeted by over 39%.

Next Steps for Investors

A class action lawsuit is already in progress. For those interested in examining a copy of the complaint, it is available on the firm’s site. Additionally, potential participants may reach out to Peretz Bronstein, Esq., or Client Relations Manager Nathan Miller of Bronstein, Gewirtz & Grossman, LLC via phone for further inquiries. Investors who experienced losses with Wolfspeed have until January 17, 2025, to request the court to appoint them as lead plaintiff. It is noteworthy that becoming a lead plaintiff is not a requirement to share in any possible recovery.

Cost Information

Representation of investors in class actions is provided on a contingency fee basis. This means that the firm will only seek reimbursement for out-of-pocket expenses and attorneys' fees, which are typically a percentage of any total recovery, if successful.

About Bronstein, Gewirtz & Grossman

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

lawsuit, investors, Wolfspeed