LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC (the “Firm”) announces a class action lawsuit was filed against SolarCity Corporation ("SolarCity" or the "Company") (Nasdaq: SCTY) concerning possible violations of federal securities laws between May 5, 2015 and February 9, 2016 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm in advance of the October 14, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the complaint, SolarCity made false and misleading statements and/or failed to disclose: that demand for its products was decreasing; that the Company was concealing the lower demand; and that as a result of the above, SolarCity’s statements about its business, operations and prospects were false and misleading and/or lacked a reasonable basis. On October 29, 2015, SolarCity announced that it would lower its full year 2015 guidance. This announcement caused the Company’s stock price to fall. On February 9, 2016 the Company announced that it fell short of its previously issued fiscal year 2015 installation guidance. When this information was disclosed to the public, SolarCity shares dropped in value, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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