Free Site Registration


More Debits & Credits Posts

Sun Isn’t Shining on SunPower

By Michael Cohn
November 18, 2009

Solar energy technology maker SunPower saw its share price tumble earlier this week after it announced the discovery of accounting irregularities in its Philippines manufacturing operations.

The company said there may have been unsubstantiated accounting entries made in the first three quarters of 2009. Those entries may have overstated expenses in the cost of goods sold by approximately $1 million in the first quarter, and understated expenses in the cost of goods sold by about $14 million in the second quarter and approximately $2 million in the third quarter. That’s a lot of understating and overstating.

The stock price fell over 18 percent Tuesday after the report late Monday afternoon, and it slipped a tad bit more on Wednesday.

Advertisement

Meanwhile the audit committee, management, and independent auditors are looking into the matter. The current state of virtual inaction on energy legislation in the Senate can’t be helping SunPower’s stock very much either, but accounting irregularities are the main concern right now.

0 Comments

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Debits & Credits, please use the form below to login. When completed you will immeditely be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.


Advertisement
Advertisement

FASB Chair Leslie Seidman on Convergence with IFRS

February 1, 2012

Financial Accounting Standards Board chairman Leslie Seidman provides an update on the progress FASB is making on converging U.S. GAAP with IFRS.

Advertisement

SLIDE SHOW

Most Unusual Items Submitted on Employee Expense Reports

January 19, 2012

The results are bound to raise the eyebrows of any financial executive.

10 Stories That Shaped 2011

December 29, 2011

Our editors' picks for the 10 stories that shaped accounting in 2011.

Advertisement
Advertisement
Advertisement