SunPower Reaches Settlement in Class Action Litigation

            SunPower Reaches Settlement in Class Action Litigation

PR Newswire

SAN JOSE, Calif., Dec. 14, 2012

SAN JOSE, Calif., Dec. 14, 2012 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR)
today announced it has entered into an agreement to settle the private
securities class action suit against the company and certain current and
former members of management. This action is titled, "In re SunPower
Securities Litigation."

The agreement, which is subject to negotiation and execution of a final
settlement document and court approval, provides for the payment by SunPower
of $19.7 million and would lead to the dismissal of all claims against the
defendants. The company expects to reflect the impact of the settlement in
its fourth quarter 2012 financial results.

"While we strongly believe that the company and its management fully met all
their legal obligations, we have decided it is more prudent to focus our
efforts on growing new markets and continuing to expand our leading
residential market share position," said Lisa Bodensteiner, SunPower executive
vice president and general counsel.

About SunPower
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest
efficiency, highest reliability solar panels and systems available today.
Residential, business, government and utility customers rely on the company's
quarter century of experience and guaranteed performance to provide maximum
return on investment throughout the life of the solar system. Headquartered in
San Jose, Calif., SunPower has offices in North America, Europe, Australia,
Africa and Asia. For more information, visit www.SunPowercorp.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that do not represent historical facts and may be
based on underlying assumptions. The company uses words and phrases such as
"an agreement," "subject to", "would lead", "expects," "continue to," "will"
and similar expressions to identify forward-looking statements in this press
release, including forward-looking statements regarding: (a) SunPower's
ability to settle all claims for $19.7 million; (b) the impact of the
agreement on Q4 2012 results; and (c) SunPower continuing to expand its
leading residential market share position. Such forward-looking statements
are based on information available to the company as of the date of this
release and involve a number of risks and uncertainties, some beyond the
company's control, that could cause actual results to differ materially from
those anticipated by these forward-looking statements, including risks and
uncertainties such as: (i) the ability to reach final agreement with the
plaintiffs; (ii) the ability to secure final approval from the court; (iii)
the extent to which individual claimants opt out of the class and pursue
individual claims; (iv) the ability to overcome any objections or appeals
regarding the settlement; (v) the ability of SunPower to absorb the cost of
the settlement and the timing of the impact on financial statements; (vi) the
resolution of the related derivatives actions; (vii) increasing supply and
competition in the industry and lower average selling prices; (viii) the
impact of regulatory changes and the continuation of governmental and related
economic incentives promoting the use of solar power; (ix) general business
and economic conditions, including seasonality of the solar industry and
growth trends in the solar industry; (x) the availability of financing
arrangements for the company's projects and the company's customers; (xi) the
company's ability to remain competitive in its product offering, obtain
premium pricing while continuing to reduce costs; (xii) the success of the
residential lease program; and (xiii) other risks described in the company's
Annual Report on Form 10-K for the year ended January 1, 2012, Quarterly
Reports on Form 10-Q for the quarters ended April 1, 2012, July 1, 2012 and
September 30, 2012 and other filings with the Securities and Exchange
Commission. These forward-looking statements should not be relied upon as
representing the company's views as of any subsequent date, and the company is
under no obligation to, and expressly disclaims any responsibility to, update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.

SOURCE SunPower Corp.

Website: http://www.sunpowercorp.com
Contact: Investors, Bob Okunski, +1-408-240-5447,
Bob.Okunski@sunpowercorp.com, or Media, Helen Kendrick, +1-408-240-5585,
Helen.Kendrick@sunpowercorp.com