Sunpower (SPWRA) Sinks AH On Accounting Probe

Posted by Tate Dwinnell | # |
12:38:04 am on November 17, 2009

SunPower (SPWRA) said after the bell today that it’s investigating accounting errors related to its Philippine manufacturing operations and that its financial statements for 2008/2009 as well as guidance for this year can’t be relied on.  The company hopes to provide an update within the next 30 days, but estimates that about 1 million in expenses were overstated in Q1, $14 million understated in Q2 and 2 million understated in Q3.  Those aren’t huge numbers, but accounting irregularities always spook traders and  the stock is reflecting that down about 6% after hours.

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