NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sunrun, Inc. (“Sunrun” or the “Company”) (NASDAQ:RUN) of the July 4, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Sunrun stock or options between September 10, 2015 and May 3, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/RUN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Sunrun securities between September 10, 2015 and May 3, 2017 (the “Class Period”). The case, Hall v. Sunrun Inc. et al, No. 3:17-cv-02571 was filed on May 4, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Sunrun failed to adequately disclose how many customers canceled contracts after signing up for the Company's home-solar energy system; (ii) consequently, discovery of this conduct would subject the Company to heightened regulatory scrutiny and potential civil sanctions; and (iii) as a result, Sunrun's public statements were materially false and misleading at all relevant times.
Specifically, On May 3, 2017, The Wall Street Journal published an article disclosing that the Company was the subject of a probe initiated by the Securities and Exchange Commission (“SEC”). The article stated, among other things, that “the SEC recently issued a subpoena to Sunrun and interviewed current and former employees about the adequacy of its disclosures on account cancellations.”
On this news, Sunrun’s share price fell from $5.21 per share on May 2, 2017 to a closing price of $4.75 on May 3, 2017—a $0.46 or a 8.83% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sunrun’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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