NEW ORLEANS, Nov. 21, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 20, 2015 to file lead plaintiff applications in a securities class action lawsuit against Vivint Solar, Inc. (NYSE:VSLR) if they purchased the Company's securities between the October 1, 2014 date of Vivint's initial public offering ("IPO") and November 10, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Vivint and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 20, 2015.
About the Lawsuit
Vivint, certain of its executives, its controlling shareholder, and the underwriters of its IPO are charged with failing to disclose material information in connection with the IPO and during the Class Period, violating federal securities laws.
These false statements and omissions included, in part, that: (i) ownership trends in the residential solar industry had changed from long-term leasing to financing; (ii) demand for long-term leases had declined, and (iii) growth in the Company's operating expenses in the third quarter of 2014 had significantly outstripped growth in revenue.
On November 10, 2014, in its first quarterly report since the Company's IPO, Vivint reported a much wider than expected loss in the third quarter of 2014. On this news, the price of Vivint's shares plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.