Law firm Bronstein, Gewirtz & Grossman LLC says it is investigating potential claims on behalf of owners of the securities of SunPower Corp. The investigation concerns whether the company and some of its officers and directors have breached their fiduciary duties and committed other violations of law in connection with the acquisition of Tenesol SA and the sale of its shares to Total SA.
On Dec. 23, SunPower announced that it will buy the solar panel-making unit of Total for $165.4 million in cash. Total also agreed to buy 18.6 million shares of SunPower stock for $8.80 each, a 50% premium to the closing price. This will increase Total's stake in SunPower from around 60% to around 66% after the deal closes, which is expected early next year.
According to the law firm, the investigation focuses on whether SunPower's board of directors insured that the company maximized shareholder value and obtained the best price possible for SunPower shareholders before entering into the agreement with Total.