MAXN - Shareholder Alert: Robbins LLP Informs Stockholders of the Class Action Filed Against Maxeon Solar Technologies Ltd. (MAXN) | Benzinga
SAN DIEGO, June 28, 2024 (GLOBE NEWSWIRE) -- Robbins LLP informs investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) securities between November 15, 2023 and May 29, 2024. Maxeon is a global manufacturer and marketer of solar technology.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Maxeon Solar Technologies, Ltd. (MAXN) Misled Investors Regarding its Business Prospects
The complaint alleges that Maxeon was spun off from SunPower in 2020. The companies maintained a supply agreement under which SunPower was obligated to purchase certain minimum product volumes and Maxeon was prohibited from selling certain modules to customers other than SunPower and could not circumvent that exclusivity provision via SunPower dealers (the "Master Supply Agreement").
In mid-2023, Maxeon alleged SunPower was withholding approximately $29 million in past due invoices and SunPower alleged that Maxeon was in breach of the Master Supply Agreement's non-circumvention clause. As a result, Maxeon ceased shipments to SunPower in July 2023. By November 2023, the ...
MAXN)>Full story available on Benzinga.com