SAN FRANCISCOSolar panel provider SunPower Corp. might restate financial results from 2009 and 2008 after the discovery of possible accounting irregularities, the company said Monday (Nov. 16).
SunPower (San Jose, Calif.) said an internal review of its Philippine manufacturing operations concluded that there may have been unsubstantiated accounting entries made in the first three quarters of 2009. Some of these entries relate to the company's fiscal 2008, the company said.
SunPower may have overstated expenses in the cost of goods sold by approximately $1 million in the first quarter of 2009, the company said. It may have understated expenses by $14 million and $2 million in the second and third quarters, respectively, the company said.
The company is working with outside autiors and other experts to determine if any restatements are necessary, SunPower said.
An investigation into these errors launched by the board of directors is ongoing, SunPower said. Until the investigation is complete there can be no assurance that broader issues do not exist, the company said.