Summary by Moomoo AI
SunPower Corporation has announced that it will be unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2024, by the prescribed due date. The delay is attributed to the company's ongoing efforts to restate previously issued financial statements due to identified misstatements. These misstatements involve issues such as improper capitalization of costs, incorrect classification of sales commissions, and other adjustments. SunPower has acknowledged material weaknesses in its internal control over financial reporting as of several dates in 2023 and is working on a remediation plan to be detailed in its upcoming 2023 Form 10-K. The company is actively working to complete the restatements and intends to file the delayed 10-Q and the 2023 Form 10-K as soon as practicable. The notification, filed on May 13, 2024, also indicates that there will be a significant change in results of operations from the previous year, details of which will be provided upon completion of the financial restatements.