Shares of residential solar company (NASDAQ: SPWR) were plunging in Friday trading, down 22.4% as of 2:12 p.m. ET.
The company released an 8-K form late Wednesday, July 3, informing investors that its auditor, Ernst Young, had resigned as of June 27. And the reasons for the resignation didn't sound good.
It should be noted that back in April, SunPower disclosed that its audit committee had determined its financial statements for the years 2022 and 2023 needed to be restated. Two months prior to that in February, the company fired its CEO. Then in May, the company announced it had fired its chief operating officer. During the period from April to June, Ernst Young had been working with the company to get its financial statements in order.
Source Fool.com