The company’s shares were down 15% to $16.68 in early afternoon trading on the Nasdaq Friday. Company guidance for the coming year also undershot Wall Street analyst expectations, further weighing on SunPower’s stock.
The San Jose, California-based company’s audit committee, in concluding an investigation it began in November, found that finance personnel in the Philippines, where SunPower has operated a cell fabrication plant since 2003, made “unsubstantiated accounting entries” that “generally resulted in an understatement of the company’s cost of goods sold”.
