SunPower (SPWRA) Shares Flatten Today After Substantial Drop Yesterday
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SunPower (NASDAQ: SPWRA) shares are trading flat today, up about 0.05% to $22.18.
Yesterday, SunPower experienced a tidal wave of downgrades from firms such as Piper Jaffray, FBR Capital, Raymond James and more, following news that their Philippine operations may have made some unsubstantiated accounting entries for the first three quarters of 2009.
Some of the preliminary findings show overstatement COGS of $1 million in Q109, understated expenses in COGS of $14 million in Q209, and approximately $2 million in errors for Q309. Final results have not been released as of this writing.
Yesterday, SunPower experienced a tidal wave of downgrades from firms such as Piper Jaffray, FBR Capital, Raymond James and more, following news that their Philippine operations may have made some unsubstantiated accounting entries for the first three quarters of 2009.
Some of the preliminary findings show overstatement COGS of $1 million in Q109, understated expenses in COGS of $14 million in Q209, and approximately $2 million in errors for Q309. Final results have not been released as of this writing.
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