On March 10, 2020, Faruqi & Faruqi filed a shareholder derivative lawsuit in Delaware’s Chancery Court against the board of directors and certain executive officers of Vivint Solar, Inc. (“Vivint Solar” or the “Company”). The lawsuit seeks to redress breaches of fiduciary duties by the board of directors and implement corporate governance changes to correct and prevent harm to the Company. As alleged in the complaint, Vivint Solar has suffered harm through numerous consumer lawsuits and state actions premised on the Company’s sales practices, deficient internal controls and procedures, misleading SEC filings, amongst others. The case is docketed as Xavier Oyola-Rivera v. L. Chance Allred et al., case number 2020-081.
More information regarding the shareholder derivative lawsuit can be found here: https://www.law360.com/energy/articles/1252108/vivint-solar-investors-sue-brass-over-predatory-sales-worries.