SunPower Corporation (San Jose, California, U.S.) has entered into an agreement to settle a securities class action lawsuit against the company by paying USD 19.7 million to dismiss all claims.

Current and former members of management were also named in the suit. SunPower expects to record this expense in its fourth quarter 2012 results.

"While we strongly believe that the company and its management fully met all their legal obligations, we have decided it is more prudent to focus our efforts on growing new markets and continuing to expand our leading residential market share position," said SunPower Executive VP and General Counsel Lisa Bodensteiner.

2012-12-18 | Courtesy: SunPower | solarserver.com © Heindl Server GmbH

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