Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Vivint Solar, Inc.
Oklahoma City, OK (November 26, 2014) – On November 21, 2014, a class action lawsuit was filed in the United States District Court for the Southern District of New York against Vivint Solar, Inc. (NYSE: VSLR). The complaint alleges violations of federal securities laws, including allegations of issuing a series of material or false financial information to investors. The complaint alleges that the Company issued materially false and misleading financial information relating to the Registration Statement and Prospectus issued in connection with the October 1, 2014 initial public stock offering (the “IPO”). Specifically, the complaint alleges the following false or misleading statements that: (1) ownership trends in the residential solar industry had changed from long-term leasing to financing; (ii) demand for long-term leases had declined, and (iii) growth in the Company’s operating expenses in the third quarter of 2014 had significantly outstripped growth in revenue.
On November 10, 2014 in the Company’s first quarterly report since the IPO reported a much wider than expected loss in the third quarter of 2014. On this news, the Company’s share price declined.
Plaintiff seeks to recover damages on behalf of all Vivint Solar, Inc. shareholders who purchased common stock traceable between October 1, 2014 and November 10, 2014 (the “Class Period”) and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, January 20, 2015 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click hereto obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Wed, November 26, 2014
by Robin Hester filed under