SUNPOWER CORP: auditor change — SunPower restates FY2022 and Q1/Q2 2023 financials; inventory overstated $16M-$20M

SUNPOWER CORP

Audit Committee concludes FY2022, Q1 2023, and Q2 2023 financials should no longer be relied upon due to inventory overstatement.
Consignment inventory of microinverter components overstated by approx. $16M–$20M, understating cost of revenue.
Material weakness in internal control over financial reporting identified; Ernst & Young to revise opinion to adverse.
Company negotiating consent and waiver with lenders under credit agreement to address restatement effects.
Compensation Committee amends severance plan: eligibility narrowed to EVPs reporting to CEO; COBRA coverage extended to 12 months for Executives.

item 4.02 item 5.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

SUNPOWER CORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

, filed with the SEC on August 2, 2023 (the “Q2 2023 Form 10-Q,” and collectively, the “Affected Periods”), as well as the relevant portions of any communication which describe or are based on such financial statements, should no longer be relied upon. The Company plans to restate, as soon as practicable, the financial statements for the Affected Periods in amendments to the Form 10-K, the Q1 2023 Form 10-Q, and the Q2 2023 Form 10-Q, respectively (collectively, the “Restatement”). In connection with the preparation of the financial statements, the Company preliminarily determined that the value of consignment inventory of microinverter components at certain third-party locations had been overstated in the Affected Periods in the range of approximately $16 million to $20 million, resulting in the associated cost of revenue being understated. At this time, the Company has not fully comple

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Source: SEC EDGAR

accession 0000867773-23-000089

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