(Bloomberg) — SunPower Corp. tumbled essentially the most in seven weeks after the struggling photo voltaic firm’s accountant give up amid allegations of misconduct by senior executives.Most Learn from BloombergThe firm’s shares slumped as a lot as 18%, essentially the most intraday since Could 15, and had been buying and selling at $2.20 at 12:58 p.m. in New York. The corporate has declined greater than 50% this 12 months amid a broader decline within the rooftop photo voltaic market.Ernst & Younger notified the corporate June 27 it was resigning as SunPower’s impartial accountant as a result of it was unwilling to be related to monetary statements ready by administration, in keeping with a submitting late Wednesday. The accountant cited allegations of misconduct involving senior members of administration with roles overlooking monetary reporting. SunPower is seeking to rent a brand new impartial accountant, in keeping with assertion.SunPower additionally mentioned within the submitting that it obtained in February a subpoena from the US Securities and Change Fee referring to its income recognition practices. The corporate didn’t reply to inquiries Friday.The disclosures come amid a difficult 12 months for SunPower. The corporate mentioned in April it must restate virtually two years of monetary outcomes. It additionally changed its chief govt officer and chief working officer, defaulted on a a credit score settlement in late 2023 after an earlier earnings revision that delayed outcomes and is grappling with an set up droop in California — its residence state and the nation’s largest photo voltaic market.(Updates with accountant search in third paragraph.)Most Learn from Bloomberg Businessweek©2024 Bloomberg L.P.