Sunpower (SPWRA) Sinks AH On Accounting Probe

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.

Leave a Reply

Your email address will not be published. Required fields are marked *