New Energy
SunPower Shares Slump Amid Financial Misconduct Allegations
- Company got SEC subpoena in February over revenue recognition
- Shares fell more than 50% this year as solar market struggles
SunPower Corp. tumbled the most in seven weeks after the struggling solar company’s accountant quit amid allegations of misconduct by senior executives.
The company’s shares slumped as much as 18%, the most intraday since May 15, and were trading at $2.20 at 12:58 p.m. in New York. The company has declined more than 50% this year amid a broader decline in the rooftop solar market.