UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
SunPower Corporation ("SPWR")
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
867652109
--------------------------------------------------------------------------------
(CUSIP Number)
January 25, 2006
--------------------------------------------------------------------------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 14
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CUSIP No. 867652109 13G Page 2 of 14 Pages
------------------------------- ------------ ---------
-------------------------------------------- ------------------------------------------
---------- -----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
---------- -----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
---------- -----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- -----------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED
BY
EACH
REPORTING
PERSON
WITH
----- ------------------------------------------------------------------------------------------------------
6 SHARED VOTING POWER
820,840 (1) (see Item 4)
----- ------------------------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
----- ------------------------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
820,840 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820,840 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|_|
---------- -----------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.2% (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- -----------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 14
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CUSIP No. 867652109 13G Page 3 of 14 Pages
------------------------------- ------------ ---------
-------------------------------------------- ------------------------------------------
---------- -----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
---------- -----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
---------- -----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- -----------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------- ------ ------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED
BY
EACH
REPORTING
PERSON
WITH
------ ------------------------------------------------------------------------------------------------------
6 SHARED VOTING POWER
820,840 (1) (see Item 4)
------ ------------------------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
820,840 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820,840 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|_|
---------- -----------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.2% (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- -----------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 14
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CUSIP No. 867652109 13G Page 4 of 14 Pages
------------------------------- ------------ ---------
-------------------------------------------- ------------------------------------------
---------- -----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Associates, LLC
---------- -----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
---------- -----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- -----------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
-------------------- ------ ------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED
BY
EACH
REPORTING
PERSON
WITH
------ ------------------------------------------------------------------------------------------------------
6 SHARED VOTING POWER
715,000 (1) (see Item 4)
------ ------------------------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
715,000 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
715,000 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|_|
---------- -----------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.0% (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- -----------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 14
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CUSIP No. 867652109 13G Page 5 of 14 Pages
------------------------------- ------------ ---------
-------------------------------------------- ------------------------------------------
---------- -----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, LLC
---------- -----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
---------- -----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- -----------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------- ------ ------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED
BY
EACH
REPORTING
PERSON
WITH
------ ------------------------------------------------------------------------------------------------------
6 SHARED VOTING POWER
595,000 (1) (see Item 4)
------ ------------------------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
595,000 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
595,000 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|_|
---------- -----------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.7% (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- -----------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 14
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CUSIP No. 867652109 13G Page 6 of 14 Pages
------------------------------- ------------ ---------
-------------------------------------------- ------------------------------------------
---------- -----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investments, LLC
---------- -----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
---------- -----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- -----------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
-------------------- ------ ------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED
BY
EACH
REPORTING
PERSON
WITH
------ ------------------------------------------------------------------------------------------------------
6 SHARED VOTING POWER
595,000 (1) (see Item 4)
------ ------------------------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
595,000 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
595,000 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|_|
---------- -----------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.7% (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- -----------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 6 of 14
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CUSIP No. 867652109 13G Page 7 of 14 Pages
------------------------------- ------------ ---------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- -----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
---------- -----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- -----------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------- ------ ------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED
BY
EACH
REPORTING
PERSON
WITH
------ ------------------------------------------------------------------------------------------------------
6 SHARED VOTING POWER
820,840 (1) (see Item 4)
------ ------------------------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
820,840 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820,840 (1) (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|_|
---------- -----------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.2% (see Item 4)
---------- -----------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- -----------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 7 of 14
ITEM 1(A) NAME OF ISSUER:
SunPower Corporation
ITEM 1(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
430 Indio Way
Sunnyvale, California 94085
ITEMS 2(A) NAME OF PERSON FILING:
This statement is filed by: (i) S.A.C.
Capital Advisors, LLC, ("SAC Capital
Advisors") with respect to shares of common
stock ("Shares") of the Issuer beneficially
owned by S.A.C. Capital Associates, LLC
("SAC Capital Associates"), S.A.C.
MultiQuant Fund, LLC ("SAC MultiQuant"),
S.A.C. Select Fund, LLC ("SAC Select") and
CR Intrinsic Investments, LLC ("CR Intrinsic
Investments"); (ii) S.A.C. Capital
Management, LLC, ("SAC Capital Management")
with respect to Shares beneficially owned by
SAC Capital Associates, SAC MultiQuant, SAC
Select and CR Intrinsic Investments; (iii)
SAC Capital Associates with respect to
Shares beneficially owned by it and CR
Intrinsic Investments; (iv) CR Intrinsic
Investors, LLC ("CR Intrinsic Investors")
with respect to Shares beneficially owned by
CR Intrinsic Investments; (v) CR Intrinsic
Investments with respect to Shares
beneficially owned by it; and (vi) Steven A.
Cohen with respect to Shares beneficially
owned by SAC Capital Advisors, SAC Capital
Management, SAC Capital Associates, SAC
MultiQuant, SAC Select, CR Intrinsic
Investors and CR Intrinsic Investments.
ITEM 2(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The address of the principal business office
of (i) SAC Capital Advisors, CR Intrinsic
Investors and Mr. Cohen is 72 Cummings Point
Road, Stamford, Connecticut 06902, (ii) SAC
Capital Management is 540 Madison Avenue,
New York, New York 10022, (iii) SAC Capital
Associates is P.O. Box 58, Victoria House,
The Valley, Anguilla, British West Indies
and (iv) CR Intrinsic Investments is Box
174, Mitchell House, The Valley, Anguilla,
BWI.
Page 8 of 14
ITEM 2(C) CITIZENSHIP:
SAC Capital Advisors, SAC Capital Management
and CR Intrinsic Investors are Delaware
limited liability companies. SAC Capital
Associates, and CR Intrinsic Investments are
Anguillan limited liability companies. Mr.
Cohen is a United States citizen.
ITEM 2(D) TITLE OF CLASS OF SECURITIES:
Class A Common Stock
ITEM 2(E) CUSIP NUMBER:
867652109
ITEM 3 Not Applicable
ITEM 4 OWNERSHIP:
For purposes of this filing, the Reporting
Persons have calculated the aggregate number
of outstanding shares of the Issuer's Class
A Common Stock as 8,906,652, based on the
Form 8-K, dated January 26, 2005, which
reported 8,830,000 then outstanding shares,
and the prospectus of the Issuer, dated
November 16, 2005, which reported an
additional 76,652 shares outstanding.
As of the close of business on February 2,
2006:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 820,840 (1)
(b) Percent of class: 9.2%
(c) (i) Sole power to vote or direct the vote:
-0-
(ii) Shared power to vote or direct the vote:
820,840 (1)
(iii) Sole power to dispose or direct the
disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 820,840 (1)
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 820,840 (1)
(b) Percent of class: 9.2%
(c) (i) Sole power to vote or direct the vote:
-0-
(ii) Shared power to vote or direct the vote:
820,840 (1)
(iii) Sole power to dispose or direct the
disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 820,840 (1)
Page 9 of 14
3. S.A.C. Capital Associates, LLC
(a) Amount beneficially owned: 715,000 (1)
(b) Percent of class: 8.0%
(c) (i) Sole power to vote or direct the vote:
-0-
(ii) Shared power to vote or direct the vote:
715,000 (1)
(iii) Sole power to dispose or direct the
disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 715,000 (1)
4. CR Intrinsic Investors, LLC
(a) Amount beneficially owned: 595,000 (1)
(b) Percent of class: 6.7%
(c) (i) Sole power to vote or direct the vote:
-0-
(ii) Shared power to vote or direct the vote:
595,000 (1)
(iii) Sole power to dispose or direct the
disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 595,000 (1)
5. CR Intrinsic Investments, LLC
(a) Amount beneficially owned: 595,000 (1)
(b) Percent of class: 6.7%
(c) (i) Sole power to vote or direct the vote:
-0-
(ii) Shared power to vote or direct the vote:
595,000 (1)
(iii) Sole power to dispose or direct the
disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 595,000 (1)
6.Steven A. Cohen
(a) Amount beneficially owned: 820,840 (1)
(b) Percent of class: 9.2%
(c) (i) Sole power to vote or direct the vote:
-0-
(ii) Shared power to vote or direct the vote:
820,840 (1)
(iii) Sole power to dispose or direct the
disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 820,840 (1)
(1) The number of shares reported herein
includes call options held by CR Intrinsic
Investments on 500,000 Shares.
SAC Capital Advisors, SAC Capital
Management, CR Intrinsic Investors and Mr.
Cohen own directly no Shares. Pursuant to
investment agreements, each of SAC Capital
Advisors and SAC Capital Management share
investment and voting power with respect to
the securities held by SAC Capital
Associates, SAC MultiQuant, SAC Select and
CR Intrinsic Investments. Pursuant to an
investment management agreement, CR
Intrinsic Investors has investment and
voting power with respect to the securities
held by CR Intrinsic Investments. Mr. Cohen
controls each of SAC Capital Advisors, SAC
Capital Management and CR Intrinsic
Investors. CR Intrinsic Investments is a
Page 10 of 14
wholly owned subsidiary of SAC Capital
Associates. By reason of the provisions of Rule
13d-3 of the Securities Exchange Act of 1934, as
amended, each of (i) SAC Capital Advisors, SAC
Capital Management and Mr. Cohen may be deemed to
own beneficially 820,840 Shares (constituting
approximately 9.2% of the Shares outstanding),
(ii) CR Intrinsic Investors and Mr. Cohen may be
deemed to own beneficially 595,500 Shares
(constituting approximately 6.7% of the Shares
outstanding), and (iii) SAC Capital Associates
may be deemed to own beneficially 715,500 Shares
(including shares held by CR Intrinsic
Investments, and constituting approximately 8.0%
of the Shares outstanding). Each of SAC Capital
Advisors, SAC Capital Management, CR Intrinsic
Investors and Mr. Cohen disclaim beneficial
ownership of any of the securities covered by
this statement, and SAC Associates disclaims
beneficial ownership of any of the securities
held by CR Intrinsic Investments.
Page 11 of 14
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
If this statement is being filed to report
the fact that as of the date hereof the
reporting person has ceased to be the
beneficial owner of more than five percent
of the class of securities, check the
following. |_|
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
ANOTHER PERSON:
Not Applicable
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE
SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING
REPORTED ON BY THE PARENT HOLDING COMPANY:
Not Applicable
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS
OF THE GROUP:
Not Applicable
ITEM 9 NOTICE OF DISSOLUTION OF GROUP:
Not Applicable
ITEM 10 CERTIFICATION:
By signing below the signatory certifies that, to the best of his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Page 12 of 14
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 3, 2006
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTORS, LLC
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTMENTS, LLC
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 13 of 14
STEVEN A. COHEN
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 14 of 14