STEVENSON, Md., April 15, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of SolarCity Corporation ("SolarCity" or the "Company") (Nasdaq:SCTY) securities during the period between March 6, 2013 and March 18, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in SolarCity securities purchased on or after March 6, 2013 and held through the revelation of negative information on March 3, 2014 and/or March 18, 2014, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or financial obligation, click here: http://www.browerpiven.com/securitiesfraudcases.html.
You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 27, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company misclassified its reported expenses. According to the complaint, following the Company's March 3, 2014 announcement disclosing tens of millions in overhead expenses that it had incorrectly classified and its March 18, 2014 disclosure that its prior financial statements for the annual periods ended December 31, 2010, 2011 and 2012 should no longer be relied upon, the value of SolarCity shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland, Charles J. Piven, 410-415-6616,