01:38 PM EDT, 07/05/2024 (MT Newswires) -- SunPower (SPWR) shares fell nearly 20% in recent trading Friday after the solar company disclosed Wednesday that accounting firm Ernst & Young resigned amid allegations of misconduct by senior executives.

The accounting firm notified the board's audit committee on June 27 that it was "unwilling to be associated with the financial statements prepared by management," SunPower said in a regulatory filing with the Securities and Exchange Commission late Wednesday.

Ernst & Young cited allegations of misconduct by senior management involved in overseeing financial reporting, the company said in the filing.

Price: 2.15, Change: -0.53, Percent Change: -19.74