Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Vivint Solar, Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Vivint Solar, Inc. (“Vivint” or the “Company”) (NYSE:VSLR) of the July 5, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against certain officers of SunEdison Inc. (“SunEdison”).
The lawsuit has been filed in the U.S. District Court for the Eastern District of Missouri on behalf of all those who purchased Vivint stock or options between July 20, 2015 and March 7, 2016 (the “Class Period”). The case, Church v. Chatila et al, No. 4:16-cv-00628, was filed on May 3, 2016.
The lawsuit focuses on whether the SunEdison’s executives violated federal securities laws by failing to disclose that SunEdison would not be able to complete the acquisition of Vivint due to the lack of financing and liquidity.
Specifically, during post-market hours on February 29, 2016, SunEdison filed a Notification of Late Filing on Form 12b-25 with the SEC, disclosing that the Company would be unable to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The Notification of Late Filing revealed that the board’s Audit Committee had recently initiated an investigation concerning the accuracy of the SunEdison’s previously anticipated financial position.
After this information became public, Vivint’s share price fell from a closing price of $7.89 per share on February 29, 2016 to a closing price of $6.52 on March 1, 2016 —a $1.37 or a 17.4% drop.
Then, on March 2, 2016, The Wall Street Journal published an article entitled, “SunEdison’s Takeover of Vivint Solar in Jeopardy as Banks Balk” stating that the merger was in jeopardy upon the recent revelations from SunEdison.
After the publication of the article, Vivint’s share price fell from a closing price of $6.52 per share on March 1, 2016 to a closing price of $4.89 on March 2, 2016 —a $1.63 or a 25% drop.
On March 8, 2016, Vivint filed a lawsuit against SunEdison in Delaware Chancery Court alleging breach of contract after terminating its merger agreement with SunEdison citing SunEdison’s failure to meet its financial and contractual obligations.
After this announcement, Vivint’s share price fell from a closing price of $5.21 per share on March 7, 2016 to a closing price of $4.17 on March 8, 2016 —a $1.04 or a 20% drop.
Request more information now by clicking here: www.faruqilaw.com/VSLR. There is no cost or obligation to you.
If you invested in Vivint stock or options between July 20, 2015 and March 7, 2016 and would like to discuss your legal rights, please fill out the form below. 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 firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Vivint’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.