Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor LLP announce that a federal class action lawsuit has been
filed in the United States District Court for the Southern District of
New York against Vivint Solar, Inc. (“Vivint”) (NYSE: VSLR) and several
officers and directors for acts taken during the period of October 1,
2014 to November 10, 2014 (the “Class Period”).
Based upon the allegations in the class action, the firms are
investigating additional legal claims against the officers and Board of
Directors of Vivint. If you are an affected Vivint shareholder and want
to learn more about the lawsuit or join the action, contact Willie
Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com,
or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via
e-mail at shareholder@powerstaylor.com.
There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated
certain provisions of the Securities Exchange Act of 1934. Specifically,
the complaint alleges, among other things, that Vivint failed to
disclose in its final Prospectus for the IPO’s Registration Statement
that: i) ownership trends in the residential solar industry had changed
from long-term leasing to financing; ii) demand for long-term leasing
had declined; and iii) growth in Vivint’s operating expenses in the
third quarter of 2014 had significantly outstripped growth in revenue,
resulting in weaker sales trends and larger net losses than the market
had been led to expect. Vivint stock dropped significantly immediately
following this announcement.
The
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Powers
Taylor LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
Copyright Business Wire 2014