SAN DIEGO, July 07, 2020 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Vivint Solar, Inc. ("Vivint" or the "Company") (NYSE: VSLR) breached their fiduciary duties in connection with the proposed sale of the Company to Sunrun Inc. (NASDAQ: RUN).
On July 7, 2020, Vivint announced that it had entered into a definitive merger agreement with Sunrun. In an all-stock transaction, each share of Vivint Solar common stock will be exchanged for 0.55 shares of Sunrun common stock, representing a combined Enterprise Value of $9.2 billion based on the closing price of Sunrun’s shares on July 6, 2020. However, shareholders will be subject to the future price fluctuation of Sunrun's stock price. Sunrun’s shareholders will hold about 64% of the combined company, with the rest owned by Vivint Solar’s stockholders.
The investigation concerns whether the Vivint board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Vivint shares of common stock.
If you are a shareholder of Vivint and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471.If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, 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 https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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