NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Vivint Solar, Inc. (NYSE:VSLR) securities between March 5, 2019 and September 26, 2019 (the “Class Period”). Investors have until December 10, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On September 27, 2019, Marcus Aurelius Value published a report alleging that “28 undisclosed lawsuits . . . specifically allege Vivint forged customer contracts or otherwise engaged in fraud or deception.”
On this news, the company’s share price fell $0.14 per share, or over 2%, to close at $6.55 per share on September 27, 2019.
The complaint, filed on October 11, 2019, 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 to investors: (1) that the company engaged in fraudulent practices, including forging customer contracts; (2) that, as a result, the company’s reported sales and megawatts installed were overstated; (3) that these practices were reasonably likely to lead to regulatory scrutiny: (4) that, as a result, the company’s earnings would be materially and adversely impacted; and (5) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased Vivint Solar securities during the Class Period, continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Vivint Solar lawsuit, please go to https://bespc.com/vslr. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.