Glancy
Binkow & Goldberg LLP, representing investors of SolarCity
Corporation (“SolarCity” or the “Company”) (NASDAQ:SCTY), has filed
a class action lawsuit in the United States District Court for the
Northern District of California on behalf of a class (the “Class”)
comprising all purchasers of SolarCity securities between March
6, 2013 and March 18, 2014, inclusive (the “Class Period”).
Please contact Glancy Binkow & Goldberg LLP, toll-free at 888-773-9224
or at 212-682-5340, or by email to shareholders@glancylaw.com
to discuss this matter.
SolarCity designs, installs and sells or leases solar energy systems in
the United States to government entities and residential and commercial
customers. The Company operates in two primary segments: Operating
Leases and Solar Energy Systems Sales. The Complaint alleges that
throughout the Class Period defendants incorrectly accounted for
expenses associated with the Company’s larger Sales segment, and failed
to properly allocate such expenses between the Sales and Leasing
segments. The Complaint further alleges that the Company was under
pressure from investors to demonstrate the strength of its solar energy
operations, and improperly allocated expenses between its two reporting
segments in order to hide the Sales segment’s ballooning expenses,
thereby inflating the segment’s reported gross margins.
If you are a member of the Class described above, you may move the Court
no later than May 27, 2014, to serve as lead plaintiff, if you meet
certain legal requirements. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you wish to
learn more about this action, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at
888-773-9224, or contact Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd
Street, Suite 2920, New York, New York 10168, at 212-682-5340, by e-mail
to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
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jurisdictions under the applicable law and ethical rules.
Copyright Business Wire 2014