Faruqi & Faruqi, LLP Securities Litigation Partners James (Josh) Wilson Urges Investors Suffering Losses Greater Than $75,000 On Wolfspeed (NYSE: ) To Contact Him Directly To Discuss Their Options

If you suffer losses in excess of $75,000 in Wolfspeed between August 16, 2023 and November 6, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (Ext. 1310).

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New York, New York–(Newsfile Corp. – January 11, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating a potential claim against Wolfspeed, Inc. (“Wolfspeed” or the “Company”) (NYSE: WOLF) and reminds investors of January 17, 2025 deadline to seek the role of lead plaintiff in a federal securities class action filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

The complaint alleges that the defendants provided the public with revenue projections that relied on Wolfspeed’s Mohawk Valley fabrication facility ramping up its production to meet and/or exceed demand for its 200mm wafer product.

On November 6, 2024, Wolfspeed announced financial results for the first quarter of fiscal year 2025 and revealed guidance for the second quarter that was significantly lower than expected. While defendants have repeatedly claimed that 20% utilization of the Mohawk Valley manufacturing facility would result in $100 million in revenue from the facility, defendants are now guiding a range of 30% to 50 % below the mark. The Company attributed its results and lowered guidance to “demand … ramp(ing) more slowly than we initially expected” as “EV customers are changing their timelines to launch as the market moves though this transition period.”

Investors and analysts reacted quickly to Wolfspeed’s revelation. The price of Wolfspeed’s common stock fell sharply. From a closing market price of $13.71 per share on November 6, 2024, Wolfspeed’s stock price fell to $8.33 per share on November 7, 2024, a decline of nearly 39.24% within just one day. .

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is substantially and generally among the class members managing and managing the litigation on behalf of the purported class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a non-class member. Your ability to share in any recovery is not affected by the decision to serve as lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information about Wolfspeed’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.

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To view the original version of this press release, please visit https://www.newsfilecorp.com/release/236732