SunPower Corporation (NASDAQ: SPWRA) (NASDAQ: SPWRB) is taking it on the chin. We have seen at least two analyst downgrades after last night’s disclosure that it was “reviewing unsubstantiated accounting entries.” In short, accounting irregularities may be there. No one wants to see this in a stock, particularly in a battered solar stock. At 8:44 AM EST we have seen some 485,000 shares trade hands versus an average volume of 2 million shares per day and the stock is down over 14% to $27.23.
The B shares are “SPWRB” are down 12.5% at $20.90, but those shares trade less than 500K per day.