According to the complaint, defendants provided the public with revenue projections that depended on Wolfspeed’s Mohawk Valley fabrication facility ramping its production to meet and/or exceed demand for its 200mm wafer product. On November 6, 2024, Wolfspeed announced its financial results for the first quarter of fiscal year 2025 and unveiled guidance for the second quarter well below expectations. While defendants had repeatedly claimed that 20% utilization of the Mohawk Valley fabrication facility would result in $100 million revenue out of the facility, defendants now guided to a range 30% to 50% below that mark. The Company attributed its results and lowered guidance to “demand … ramp[ing] more slowly than we originally anticipated” as “EV customers revise their launch time lines as the market works though this transition period.” Investors and analysts reacted immediately to Wolfspeed’s revelation. The price of Wolfspeed’s common stock declined dramatically. 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 about 39.24% in the span of just a single day.