Robbins Geller Rudman & Dowd LLP | February 21, 2022
The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of SunPower Corporation securities between August 3, 2021 and January 20, 2022, inclusive have until April 18, 2022 to seek appointment as lead plaintiff in Jaszczyszyn v. SunPower Corporation, No. 22-cv-00956. Commenced on February 16, 2022, the SunPower class action lawsuit charges SunPower and certain of its top executives with violations of the Securities Exchange Act of 1934.
SunPower is a solar energy company that provides hardware, software, and financing options for customers.
The SunPower class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) certain connectors used by SunPower suffered from cracking issues; (ii) as a result, SunPower was reasonably likely to incur costs to remediate the faulty connectors; (iii) consequently, SunPower's financial results would be adversely impacted; and (iv) thus, defendants' positive statements about SunPower's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On January 20, 2022, SunPower announced that it had "identified a cracking issue that developed over time in certain factory-installed connectors." SunPower "expects approximately $27 million of supplier-quality related charges in fourth quarter 2021 and approximately $4 million in the first quarter of 2022" to replace the faulty connectors. On this news, SunPower's share price fell nearly 17%, damaging investors.
The Lead Plaintiff Process
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased SunPower securities during the Class Period to seek appointment as lead plaintiff in the SunPower class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor's ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
About Robbins Geller Rudman & Dowd LLP
With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs' firm.
All Energy Solar | January 20, 2022
Organizers are proud to announce that the Grow Solar Jefferson Waukesha group buy rebate program is a huge success. Residents and businesses saw the benefits of switching to solar energy, coming together not only to reach the maximum possible rebate but also surpassing the goal by almost 100 kilowatts (kW).
The Grow Solar program launched on June 15, 2021, to provide residents and businesses in the Wisconsin counties of Jefferson and Waukesha with the chance to invest in high-quality solar installations at a lower cost through volume purchasing. As more properties signed up, the rebate for all participants increased with a group goal of reaching 350kW.
Grow Solar was coordinated by the Waukesha County Green Team, Heart of the City/Fort Atkinson, and Midwest Renewable Energy Association. Installations were performed by the Madison, Wisconsin, office of solar energy solution provider, All Energy Solar.
Though we stopped taking applications on October 31, the first panels in the program were already installed, and we still had quite a few projects in negotiation. We were fairly sure we were going to at least reach the 350 kilowatt goal once it was all said and done. In the end, we had more participants than expected at 57 and the solar energy production will add up to 448.73 kilowatts. That's almost half a megawatt of fossil-fuel-based energy replaced with solar power!"
Michael Allen, CEO and Co-Founder for All Energy Solar
The size of Grow Solar rebate checks will vary, depending on system size. For an average solar array of 7kW, participants will receive a $1,400 rebate. Businesses and residents that switched to solar were also able to take advantage of the Federal Solar Investment Tax Credit set at 26 percent for projects installed during 2021 and 2022.
"We love doing solar group buy programs, they're such great opportunities for communities to take huge steps together towards reaching renewable energy goals," said Ryan Buege, Director of Sales & Marketing for All Energy Solar. "We're already working on another group buy in the Kenosha area to bring even more solar to Wisconsin."
An event to recognize the success of Grow Solar Jefferson Waukesha is tentatively planned for late spring or early summer. More details of the celebration will be announced after the last of the panels have been installed.
About All Energy Solar
All Energy Solar provides a full-service solar energy integration experience for residential, commercial, agricultural, and government customers looking to make the transition to solar energy. With industry-leading certifications and full electrical and building licenses, All Energy Solar installs quality solar power systems at competitive prices and monitors and maintains the systems after installation.
Greenwave Technology Solutions | January 14, 2022
Greenwave Technology Solutions, Inc. is pleased to issue the following letter to shareholders from Greenwave Chairman and Chief Executive Officer, Mr. Danny Meeks:
Dear Greenwave Shareholders,
I’m pleased to report that Empire Services, Inc., which Greenwave acquired last fall, generated more than $27 million in revenue during the year ended December 31, 2021, exceeding the $24 million annual revenue goal we set in September 2021. We aim to further accelerate our revenue growth this year by rapidly expanding our footprint of metal recycling facilities. Our 11th location opened in Virginia Beach in mid-October 2021 and is just now starting to meaningfully contribute to our overall metal volumes and revenues – and we expect by that later this year, our Virginia Beach location will have grown into one of our busiest and most profitable locations. By the end of January, we expect to open our 12th location in Fairmont, NC, for which we’ve already secured the licenses and permits, and is the first of many scrap metal facilities that we plan to open or acquire this year.
Earlier this week, BlackRock, Inc. disclosed it had accumulated 5.3% of the outstanding ordinary shares of Sims Metal Management, the parent company of our largest customer, following BlackRock CEO Larry Fink’s assertion that the next 1,000 companies that will reach a billion-dollar valuation will be focused on green hydrogen, green agriculture, green steel, and green cement.
The scrap metal industry is ripe for a roll-up as it will likely result in a significant margin expansion as we enter into what Goldman Sachs called a “commodities supercycle”. As a public company with 31,000 shareholders, Greenwave is positioned to move quickly and aggressively to roll-up independent, profitable metal recycling facilities as a pure play on green steel.
We are in the final stages of preparing our formal application to uplist Greenwave to the NASDAQ or NYSE, as we believe a listing on a national exchange would result in a significant increase in visibility, liquidity, and institutional interest for our stock. We have had discussions with many potential board members, all experts in their respective fields, and we expect to begin expanding our board in the coming weeks with seasoned, respected leaders who will help take our company to the next level. Further, we believe Greenwave can meet the listing standards of a national exchange without any additional capital raises.
In a January 11, 2022 Research Report, “Metals Watch: Aligned for the next leg higher,” Goldman Sachs raised its price targets for aluminum, copper, and zinc, driven by depleted inventories, robust demand, and inflationary pressures. In this context, we believe now is the optimal time for a roll-up of metal of recycling facilities. Demand for prime metallic scrap is expected to increase by approximately 41% from current levels to 29.6 million gross tons by fiscal year 2025. At the same time, the supply of prime steel scrap has been shrinking consistently for more than 50 years, according to a Steel Research Associates, LLC Scrap Model. Greenwave’s management believes that this supply/demand imbalance will continue to cause rising prices for scrap metal for at least the next 5-7 years.
It is also important to note the significant environmental benefits of recycling steel. Unlike plastics and other materials, steel is able to be melted and re-cast countless times as it has no structural memory. Recycling steel, rather than using virgin materials, cuts CO2 emissions by approximately 75% while utilizing approximately 70% less energy. Currently, two out of every three tons of steel produced comes from recycling, up from one out of every ten tons in 1980.
Greenwave’s management has set aggressive expansion and revenue goals for the coming year as we begin rolling-up independent, profitable metal recycling facilities. With a significant supply/demand imbalance for recycled steel expected to continue through at least 2025, we believe prices for metals will continue to remain strong for the foreseeable future – especially with many projects under the recently passed Infrastructure Investment and Jobs Act beginning construction. I am incredibly grateful to both our long-term and new shareholders for their continued trust in my leadership as we look to maximize shareholder value and take Greenwave to the next level.
Leviton | April 12, 2022
Leviton today announced the launch of the Evr-Green DC charging station, the latest expansion to its portfolio of electric vehicle (EV) supply equipment. Ideal for rest stops, retail locations and other commercial and public applications, the Evr-Green DC provides a smart solution for high-power direct current (DC) charging for the latest electric vehicles on the market.
"This is a major launch for Leviton as we continue to broaden our electric vehicle supply equipment portfolio, As recent legislation continues to promote and invest in the industry, we are seeing more EVs on the road. The new Evr-Green charging station provides faster charging and allows people to get where they need to go without concern over duration between charges."
-Michael Mattei, executive vice president and general manager of Leviton's commercial & industrial business unit.
The Evr-Green DC station's self-contained AC to DC power conversion system provides EVs with direct DC power, which unlike AC charging stations, does not require the vehicle to convert power. According to the Alternate Fuels Data Center of the Department of Energy, DC charging stations can average 60-80 miles of range in only 20 minutes of charging, which is more efficient when compared to 2-20 miles of range per hour for an at home Level 1 AC station or more common Level 2 AC station. Built with CCS1 and CHAdeMO charge connectors, the Evr-Green DC allows the latest EV models to charge. An LCD screen on the front of the unit allows drivers to easily interact with instructions and information, making the stations easy to use.
The new Evr-Green DC charging station also provides important benefits to station owners. Integrated with ChargePoint Networking Services, station owners can control access, set pricing, display advertising, monitor station status and generate energy usage reports, allowing them to optimize their stations and see a return on their investment. Leviton has partnered with ChargePoint, a market leader in EV charging, for over 11 years to provide customers with the latest most innovative charging solutions.
The Evr-Green DC charging station can easily integrate with other Leviton electrical infrastructure solutions, including surge protection devices and safety disconnect switches. In addition to growing its EVSE product portfolio, Leviton has expanded its dedicated EV quality and support team, supporting customers with the application process, installation requirements, local codes, rebates & incentives and more..
About Leviton's Commercial and Industrial Products
Leviton's comprehensive line of commercial and industrial-grade electrical wiring devices provide builders, contractors and specifiers with solutions engineered to withstand the most rigorous commercial environments and harshest industrial applications. Leviton manufacturers everything from commercial, industrial and hospital grade wiring devices, to surge protective devices, electric vehicle supply equipment, temporary power solutions, heavy duty motor starter switches, IEC and NEMA watertight rated devices and more.
Leviton is the smart choice, delivering the most comprehensive range of solutions to meet the needs of today's residential, commercial and industrial customers in more than 90 countries across the globe. From simple switches and receptacles to networking systems and smart home automation, Leviton exceeds market needs by delivering innovative products to create sustainable, intelligent environments through its electrical wiring devices, network and data center connectivity solutions, LED lighting and lighting energy management systems, and security and automation applications. For Leviton, it is clear the FUTURE IS ON.