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Investing

SunPower Suing SolarCity (SPWR, TOT, TSLA)

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By Paul Ausick Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Solar panel maker SunPower Corp. (NASDAQ: SPWR) is suing solar installer SolarCity and five former SunPower employees for stealing thousands of company documents before the five left to work at SolarCity. SunPower is majority owned by Total SA, and SolarCity was founded by two brothers who are cousins of Tesla Motors Inc. (NASDAQ: TSLA) CEO Elon Musk.

The suit alleges that

SolarCity knowingly accepted these stolen computer files containing SunPower confidential information and non-confidential proprietary information.

SolarCity responded in a statement:

Over the past few months, following its acquisition by a foreign oil company, a number of SunPower’s best salespeople decided to join SolarCity. SunPower is apparently taking exception to that.”

SunPower claims that the five employees who left the company used personal storage devices to make copies of company documents before leaving. The suit was filed in federal court in Northern California.

Contact [email protected] for any questions or corrections.

Disclaimer: Energy Exploration Technologies, Inc. ("EnergyX") has engaged 24/7 Wall St to publish this communication in connection with EnergyX's ongoing Regulation A offering. 24/7 Wall St has been paid in cash and may receive additional compensation. 24/7 Wall St and/or its affiliates do not currently hold securities of EnergyX.

This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX's offering materials. EnergyX's Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.

Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty. Investments in private placements, and start-up investments in particular, are long-term, illiquid, speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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