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Investigation Details
On August 16, 2023, Wolfspeed issued a press release reporting its financial results for the fourth quarter and full fiscal year 2023. Providing a weaker-than-expected business outlook for 2024, Wolfspeed said that it expects sales to fall within a range of $220 million to $240 million and that it expects to lose between $0.60 and $0.75 per share, significantly more than analyst expectations of a loss of $0.20 per share. Following this news, Wolfspeed’s stock price dropped over 17% on August 17, 2023.
Then, on June 20, 2024, Reuters reported that Wolfspeed had “delayed plans to build a $3 billion plant in Germany” and “won’t start construction . . . until mid-2025 at the earliest, two years later than its original target.”
Following this news, Wolfspeed’s stock price dropped over 8% on June 20, 2024.
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