BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming July 5, 2017 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired Sunrun Inc. (“Sunrun” or the “Company”) (NASDAQ: RUN) securities between September 10, 2015, and May 3, 2017, inclusive (the “Class Period”). Sunrun investors have until July 5, 2017 to file a lead plaintiff motion.
According to the lawsuit filed in this class action, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (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.
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.
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 Sunrun shares, you may move the Court no later than July 5, 2017 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.