The rooftop solar installer SunPower has filed for bankruptcy, after struggling for months in the face of high interest rates and allegations of misconduct in its reporting practices.
SunPower stock fell 32% to 55 cents per share Tuesday.
SunPower listed assets and liabilities between $1 billion and $10 billion in its Chapter 11 protection filing late Monday in U.S. Bankruptcy Court for the District of Delaware.
SunPower plans to sell its remaining assets through the bankruptcy process, the company said.
But SunPower's stock has also been under pressure due to allegations of misconduct in its reporting practices.
Persons:
SunPower, Ernst & Young
Organizations:
Bankruptcy, District of, U.S . Securities, Exchange Commission
Locations:
Napa , California, District of Delaware