NEW YORK, May 13, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed on behalf of shareholders of Vivint Solar, Inc. (“Vivint” or the “Company”) (NYSE:VSLR) in the United States District Court for the Eastern District of Missouri who purchased Vivint common stock between July 20, 2015 and March 7, 2016, (the “Class Period”), inclusive. The lawsuit seeks to recover damages from certain SunEdison directors and officers on behalf of Vivint investors under the federal securities laws. Vivint is not being sued in this case.
Shareholders who have purchased Vivint Solar, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased shares of Vivint Solar, Inc. during the Class Period and suffered a loss, you may request that the Court appoint you lead plaintiff of the proposed class no later than July 5, 2016.
In July of 2015, SunEdison, Inc. (“SunEdison”) and Vivint announced a merger pursuant to which SunEdison would acquire Vivint. On this announcement, Vivint’s stock price increased $4.87, an increase of approximately 44.8%, to close at $15.75. On February 24, 2016, at the Company’s special shareholders meeting, Vivint shareholders voted to approve the merger with SunEdison.
According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (i) SunEdison would be unable to obtain financing for the acquisition of Vivint; (ii) SunEdison’s liquidity was less than Defendants had stated; (iii) SunEdison would not be able to complete the acquisition of Vivint; and (iv) as a result, Defendants’ statements about the merger between SunEdison and Vivint were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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. On March 8, 2016, the merger was terminated and Vivint shares fell $1.04, to close at $4.17.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Vivint Solar investigation.”
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