SunPower Auditor Ernst & Young Resigns; SEC Subpoena Disclosed
By Sabela Ojea
SunPower said Ernst & Young has resigned as its auditor and the board is in the process of identifying an auditor for its 2023 results and its missing statements for the current year.
In a U.S. Securities and Exchange Commission filing Wednesday, SunPower disclosed that Ernst & Young had informed its Audit Committee in April that the company's internal controls necessary for reliable financial statements didn't exist. In June, the auditor advised the committee that it was unwilling to be associated with management's financial statements.
Also in its filing, the solar-panel installer disclosed that it received a document subpoena from the SEC on Feb. 28. The subpoena relates to certain accounting matters such as revenue-recognition practices, focusing on the periods covered by the affected financial statements and the fourth quarter of 2023, the company said.
The SEC probe has led to an continuing internal review by an independent outside law firm, SunPower said.
"The company has fully cooperated, and intends to continue to fully cooperate, with the SEC investigation," SunPower said in the filing.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
July 03, 2024 19:18 ET (23:18 GMT)
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