Glancy Binkow & Goldberg LLP, Representing Shareholders of SunPower Corporation, Announces There are 22 Days Remaining to Move for Appointment as Lead Plaintiff -- SPWRA, SPWRB

LOS ANGELES, Dec. 28, 2009 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased the securities of SunPower Corporation ("SunPower" or the "Company") SPWRA SPWRB between April 17, 2008 and November 16, 2009, inclusive (the "Class Period"), have only 22 days until the January 19, 2010, deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Parrish v. SunPower Corporation, et al., No. 09-cv-05520-CRB, has been assigned to the Honorable Charles R. Breyer, United States District Judge for the Northern District of California.

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

SunPower designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. The Complaint charges SunPower and certain of the Company's executive officers with violations of the Securities Exchange Act of 1934, and further alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning SunPower's financial performance were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company made unsubstantiated accounting entries during the Class Period; (2) that, as a result, the Company's financial results were overstated during the Class Period; (3) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal and financial controls; and (5), as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On November 16, 2009, SunPower shocked investors when it announced an internal investigation by its Audit Committee of certain unsubstantiated accounting entries related to cost of goods sold in the Company's Philippines operations. SunPower disclosed that the Company's Audit Committee concluded that the Company's previously issued interim financial statements for each of the 2009 quarterly periods, the previously reported financial results for the fiscal year ending December 28, 2008, the financial information in its quarterly reports on Form 10-Q for the 2009 quarters, the financial information in the 2008 annual report on Form 10-K, and the guidance provided by the Company for the 2009 fiscal year, should no longer be relied upon.

On this news, shares of SunPower's Class A common stock declined $5.04 per share, or approximately 18.51%, to close on November 17, 2009, at $22.19 per share, on heavy volume, and shares of SunPower's Class B common stock declined $4.43 per share, approximately 18.54%, to close on November 17, 2009, at $19.47 per share, on heavy volume.

The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing SunPower securities between April 17, 2008 and November 16, 2009, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the January 19, 2010 deadline.

Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing shareholders of SunPower in this litigation.

If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.