STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of SolarCity Corporation (Nasdaq: SCTY) (“SolarCity” or the “Company”) securities during the period between May 5, 2015 through February 9, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until October 14, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in SolarCity securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the demand for the Company’s products was weakening.
According to the complaint, following an October 29, 2015 quarterly investor letter announcing that it was lowering its full year 2015 guidance and its target growth rate for fiscal year 2016, a February 9, 2016 quarterly investor letter announcing that the Company fell short of its previously issued installation guidance, and a February 10, 2016 announcement that the Company’s cumulative energy contracts quarter-to-quarter growth and cumulative customer quarter-to-quarter growth fell far below the previously reported trend, the value of SolarCity shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in SolarCity securities purchased on or after May 5, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.