A securities class action has been filed against Animal Wolfspeed, Inc. (WOLF) n behalf of all investors who purchased or otherwise acquired Wolfspeed securities between August 16, 2023 through November 6, 2024. This case has been filed in the USDC – NDNY.
On November 6, 2024, during after-market hours, Reuters published an article entitled “Chipmaker Wolfspeed projects revenue below estimates on weak auto demand, shares sink.” Specifically, the article stated that Wolfspeed “forecast quarterly revenue below estimates on Wednesday and said it would book $174 million in restructuring charges for the planned closure of a facility, as the chipmaker deals with sluggish demand from automotive customers. [. . .] The company dropped plans last month to build a factory in Ensdorf, Germany, citing the slower adoption of EVs in Europe.”
On this news, Wolfspeed’s stock price fell 39%, to close at $8.33 per share on November 7, 2024.