SunPower says auditor Ernst & Young resigned without board approval

SunPower disclosed that on June 27, the company was notified by its independent registered public accounting firm, Ernst & Young, of its decision to resign as independent registered public accounting firm of the company, effective as of that date. Neither the board of the company nor the Audit Committee of the board recommended or approved EY’s resignation. Prior to EY’s resignation, SunPower and the Audit Committee had been in discussions with independent registered public accounting firms to audit the company’s fiscal year 2024 financial statements due to the fact that EY would no longer be independent from the company after the consummation of the acquisition of Global Infrastructure Partners, a member of Sol Holding, which beneficially owns approximately 65% of the company’s common stock, by BlackRock (BLK), which acquisition is expected to close in Q3. As a result of EY’s resignation, the company and the Audit Committee have initiated discussions with independent registered public accounting firms to also audit the company’s financial statements for the fiscal year ended December 31, 2023, as well as the company’s restated financial statements.