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The claims asserted include charges based on recently revealed information and investigation that SunPower executives issued misleading quarterly financial reports for 2008 and 2009 and an annual report for fiscal year 2008. Defendants allegedly included unsubstantiated accounting entries relating to cost of goods sold in the company's Philippines operations as well as false and misleading certifications in previous financial reports. These inaccuracies allowed company stock to trade at artificially inflated prices.

On Nov. 16, 2009, SunPower filed a report with the SEC stating that because of its accounting errors the previously issued financial statements for 2008 and 2009 were unreliable. News of this filing caused company stock to fall 19 percent, closing at $22.19 per share on Nov. 17, 2009.

If you invested in SunPower stock between April 17, 2008 and Nov. 16, 2009, you can participate in this action as a lead plaintiff with the goal of overseeing the fair and diligent prosecution of the case on behalf of the Class. If you purchased more than 5,000 net shares during the Class Period contact plaintiff's counsel, Reed R. Kathrein by visiting www.hbsslawsecurities.com/spwra, calling 510.725.3000 or e-mailing spwra@hbsslaw.com.

About Hagens Berman Sobol Shapiro

Hagens Berman Sobol Shapiro LLP is a shareholder-rights law firm with offices in San Francisco, Seattle, Chicago, Boston, Los Angeles, and Phoenix. Since 1993, HBSS has recovered hundreds of millions of dollars for institutional and individual investors defrauded by unscrupulous management of publicly held corporations through tenacious legal representation. More about the law firm and its successes can be found at www.hbsslaw.com.

SOURCE: Hagens Berman Sobol Shapiro LLP

Hagens Berman Sobol Shapiro 
Reed R. Kathrein 510-725-3000 
spwra@hbsslaw.com 
www.hbsslawsecurities.com/spwra

Etrion Corporation and U.S.-based solar manufacturer SunPower Corp. (NASDAQ:SPWRA) (NASDAQ:SPWRB) announced an agreement to build four solar power plants in the Puglia region of southern Italy.

SunPower has more than 500 megawatts of solar power plants installed or under contract around the world, including Italian power plants in Milan and Faenza. In regards to today's announced projects, SunPower is responsible for the design and construction of the plants, and will provide operations and maintenance services as needed.

Entrion's CEO Marco Northland said SunPower's market experience will enable the companies to meet their goals and finish the projects.

"Solar power generation will play an increasingly vital role in our efforts to build more renewable, clean energy sources. SunPower's experienced approach to solar power plant design and construction will allow us to quickly and reliably complete these important projects," Northland stated in the press release.

The four plants will be equipped with SunPower's SunPower Tracker technology, which tracks the sun during the day, delivering up to 25 percent more energy than fixed-tilt systems.

"SunPower offers a unique value proposition to power plant developers in terms of technology and bankability. Our proprietary Trackers optimize our clients' return on investment while our solid balance sheet and rigorous contract guarantees give financial institutions confidence," SunPower European Sales Director Mario Riello stated. "We are very pleased to partner with Etrion to deliver clean, reliable solar power to the rapidly expanding Italian market."

Italian bank, Centrobanca will provide 83 percent of the financing for the project; Etrion is contributing 17 percent of anticipated project costs.

The companies said construction of the first of four projects is scheduled for the end of this month, and anticipate the first electricity sales from the projects during the third quarter of 2010.

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Forward-Looking Statement: This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.

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On November 16, 2009, SunPower filed a report on Form 8-K with the SEC stating that because of accounting improprieties, previously issued financial statements for 2008 and 2009, should no longer be relied upon. On this news, SunPower's stock fell 19% to close at $22.19 on November 17, 2009.

If you are a member of the class, you may, no later than January 19, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/sunpower/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

CONTACT:
Nancy A. Kulesa or Wayne Boulton
(800) 797-5499
www.izardnobel.com
Email Contact

SOURCE: Izard Nobel LLP

http://www.izardnobel.com
http://www2.marketwire.com/mw/emailprcntct?id=956954DD9BAEAD53