SunPower (NASDAQ:SPWR) shares dropped more than 13% on Friday after the company said after the close on Wednesday that it received a subpoena from the US Securities and Exchange Commission in February.
The subpoena is said to relate to certain accounting matters, including aspects of the solar company's revenue recognition practices.
The focus is on the periods covered by the affected financial statements and the fourth quarter of 2023
In response to the SEC investigation, the company said it promptly authorized an internal review, which remains ongoing. It is being "conducted by an independent outside law firm, with the assistance of independent forensic accountant advisors."
"The company has fully cooperated, and intends to continue to fully cooperate, with the SEC investigation," stated SunPower in a filing.
At the time of writing, SunPower shares are trading at $2.33, down around 13.1%. The decline adds to its already significant decline over the last 12 months.