Vivint Solar, Inc. (Nasdaq: VSLR)
A class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all those who purchased Vivint Solar, Inc. (Nasdaq: VSLR) during the Class Period, which is March 5, 2019 through September 26, 2019.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company engaged in fraudulent practices, including forging customer contracts; (2) that, as a result, the Company’s reported sales and megawatts installed were overstated; (3) that these practices were reasonably likely to lead to regulatory scrutiny: (4) that, as a result, the Company’s earnings would be materially and adversely impacted; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On September 27, 2019, Marcus Aurelius Value published a report alleging that “28 undisclosed lawsuits . . . specifically allege Vivint forged customer contracts or otherwise engaged in fraud or deception.”
On this news, the Company’s share price fell $0.14 per share, or over 2%, to close at $6.55 per share on September 27, 2019, thereby injuring investors.
If you are a current shareholder and/or purchased stock during the period between March 5, 2019 through September 26, 2019 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.