SAN DIEGO & LEHI, Utah--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that shareholders of Vivint Solar, Inc. (NYSE: VSLR) filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934 between March 5, 2019 and September 26, 2019. Vivint Solar provides distributed solar energy to residential customers.
If you suffered a loss as a result of Vivint Solar's misconduct, click here.
Vivint Solar, Inc. (VSLR) Accused of Forging Customer Contracts
According to the complaint, in Vivint's 2018 and 2019 financial results, the Company highlighted increases in its gross retained value, with costs per Watt increasing from $3.22 in 1Q 2018 to $3.56 in 2Q 2019. Contrary to its auspicious representations, Vivint failed to disclose its engagement in fraudulent business practices, including forging customer contracts, which resulted in materially overstated reports regarding sales and megawatts installed, and left the Company vulnerable to potential regulatory scrutiny. On September 27, 2019, Marcus Aurelius Value published a report revealing "28 undisclosed lawsuits… [that] specifically allege Vivint forged customer contracts or otherwise engaged in fraud or deception." On this news, Vivint's share price fell to $6.55 per share, a 25% decline from its class period high of $8.69.
Vivint Solar, Inc. (VSLR) Shareholders Have Legal Options
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click Here to receive free alerts from Stock Watch when companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar outcome.