BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming October 14, 2016 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired SolarCity Corporation (“SolarCity” or the “Company”) (NASDAQ: SCTY) securities between May 5, 2015, and February 9, 2016, inclusive (the “Class Period”). SolarCity investors have until October 14, 2016 to file a lead plaintiff motion.
On October 29, 2015, SolarCity announced that it was lowering its full year 2015 guidance. On this news the Company’s stock price fell $8.42 per share, or 22%, to close at $29.65 on October 30, 2015. Then, on February 9, 2016 the Company disclosed that it fell short of its previously issued fiscal year 2015 installation guidance. On this news, the Company’s stock price fell $7.72 per share, or 29%, to close at $18.63 on February 10, 2016, thereby injuring investors.
The complaint charges SolarCity and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that demand for the Company’s products was weakening; (2) that the Company was concealing the weakening demand from investors; and (3) that, as a result of the foregoing, Defendants’ statements about SolarCity’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased SolarCity shares, you may move the Court no later than October 14, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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