Former U.S. Securities and Exchange Commission attorney Willie Briscoe and securities litigation firm Powers Taylor LLP have begun an investigation into the sale of shares of SunPower Corp. to Total SA.
SunPower announced on Dec. 23 that it would acquire Total's solar panel production unit for $165.4 million. Nearly simultaneously, Total agreed to buy 18.6 million shares of SunPower stock for $8.80 each, which amounts to approximately $163.7 million, Powers Taylor says.
The investigation centers on whether the board sought to achieve maximum value for shareholders in the transaction between itself and its controlling owner, and whether the board breached its fiduciary obligations to its shareholders.
The announcement follows the commencement of a similar investigation by law firm Bronstein, Gewirtz & Grossman LLC.