SunPower Slides After Disclosing Plans to Restate Earnings
- Move raises concern on ‘potential covenant violations’: Truist
- SunPower has replaced its CEO and fired workers this year
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SunPower Corp. tumbled the most in four months after disclosing plans to restate almost two years of financial results.
The rooftop solar company expects the revisions related to misclassifying sales commissions and other costs to decrease 2022 and 2023 income from continuing operations by $15 million to $25 million, according to a filing Tuesday.