SunPower Finds Accounting Errors; May Restate; Launches Probe; Stock Slides

SunPower (SPWRA) this afternoon said a review of its Philippine manufacturing operations found the company may have made “unsubstantiated accounting entries” in the first three quarters of 2009, some of them relating to 2008. The company said its Audit Committee is investigating the matter.

The solar company said a preliminary investigation found that cost of goods sold was overstated by about $1 million in the first quarter, but understated by $14 million in Q2 and $2 million in Q3. SPWRA said the findings could impact previously reported results.

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