Summary by Moomoo AI
On April 17, 2024, SunPower Corporation reported that its Audit Committee, following management's recommendation, has found its previously issued financial statements for the fiscal year 2023 and the first three quarters of the same year to be unreliable. The identified misstatements, which are expected to decrease income before taxes by approximately $15 million to $25 million, include improper capitalization of costs, incorrect classification of sales commissions, and other immaterial adjustments. The company has acknowledged material weaknesses in its internal controls over financial reporting and is planning to restate the affected financial statements as soon as possible. SunPower's independent accounting firm, Ernst & Young LLP, has also concurred that its reports on the company's financial statements should not be relied upon. The company's management has discussed these issues with Ernst & Young LLP and will detail the remediation plan in an amended 2022 Form 10-K/A.