LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the “Class”) consisting of persons and entities that acquired Sunrun Inc. (“Sunrun” or the “Company”) (NASDAQ: RUN) securities between September 10, 2015, and May 3, 2017, inclusive (the “Class Period”).
If you are a member of the Class described above, you may move the Court no later than July 3, 2017, to serve as lead plaintiff in this putative class action. Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at email@example.com to discuss this matter.
On May 3, 2017, the Wall Street Journal reported that the U.S. Securities and Exchange Commission is investigating whether Sunrun has adequately disclosed to investors how many customers canceled contracts after signing up for home solar-energy systems. And, on this news shares of Sunrun declined sharply in value.
The class action complaint filed on behalf of investors 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: (1) that the Company was concealing customer cancelations from investors; (2) that the Company engaged in corrupt sales practices; (3) that, as a result of the foregoing, the Company was exposed to potential civil and criminal liability; and (4) that, as a result of the foregoing, Defendants’ statements about Sunrun’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Update: On May 22, 2017, the Wall Street Journal reported that Sunrun allegedly manipulated the reported numbers of canceled customer contracts immediately before Sunrun’s August 2015 IPO. Sunrun allegedly instructed managers to delay internally reporting “hundreds” of canceled contracts during a five-month period in mid-2015, the Wall Street Journal reported citing former regional managers.
If you purchased shares of Sunrun during the Class Period you may move the Court no later than July 3, 2017 to ask the Court to appoint you as lead plaintiff in this class action. To be a member of the class action 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 action. 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 Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to firstname.lastname@example.org, or visit our website at www.glancylaw.com.
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