Shareholder rights law firm Johnson & Weaver, LLP reminds investors that
they have until January 20, 2015 to file a motion seeking to be
appointed lead plaintiff against Vivint Solar, Inc. (NYSE: VSLR). The
complaint charges Vivint, certain of its officers and directors, its
controlling shareholder and the underwriters of its IPO with violations
of the Securities Act of 1933. Vivint is a residential solar energy unit
installer that leases solar energy systems to residential homeowners
pursuant to long-term power purchase agreements and leases.
If you purchased Vivint securities between October 1, 2014, the date
of Vivint’s initial public offering (“IPO”), and November 10, 2014, we
encourage you to contact our firm. The case is pending in the United
States District Court for the Southern District of New York.
Additional Information about the Lawsuit:
On or about September 30, 2014, Vivint and the underwriters priced the
IPO, and on October 1, 2014 filed the final Prospectus, which forms part
of the Registration Statement for the IPO with the SEC. The IPO was
successful for the Company and the underwriters, with Vivint issuing and
selling 20.6 million new shares of Vivint common stock to the public at
$16 per share, raising approximately $329.6 million in gross proceeds.
The complaint alleges that the Registration Statement for the IPO was
negligently prepared and, as a result, contained untrue statements of
material facts or omitted to state other facts necessary to make the
statements made not misleading. According to the complaint, under the
rules and regulations governing the preparation of the Registration
Statement, Vivint was required to disclose at the time of the IPO that
ownership trends in the residential solar industry had changed from
long-term leasing to financing, that demand for long-term leases had
declined and that growth in Vivint’s operating expenses in the third
quarter of 2014 had significantly outstripped growth in revenue,
resulting in much weaker sales trends and significantly larger net
losses than the market had been led to expect. The Registration
Statement contained no such disclosures. Vivint common stock currently
trades at below $11 per share, a more than 32% decline from the IPO
price.
Plaintiff seeks to recover damages on behalf of all purchasers of Vivint
securities traceable to the Registration Statement issued in connection
with Vivint’s October 1, 2014 IPO. If you wish to serve as a lead
plaintiff, you must move the Court no later than January 20, 2015. Any
member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member. If you wish to discuss this action,
have any questions concerning this notice, or your rights or interests,
please contact lead analyst Jim Baker (jimb@johnsonandweaver.com)
at 619-814-4471. If you email, please include your phone number.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law
firm with offices in California, New York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more information
about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
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