DEADLINE ALERT: Brower Piven Alerts Shareholders Of Upcoming Deadline In Class Action Lawsuit And Urges Those With Losses In ...
September 22 2016 - 5:43PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Northern
District of California on behalf of purchasers of SolarCity
Corporation (Nasdaq: SCTY) (“SolarCity” or the “Company”)
securities during the period between May 5, 2015 through February
9, 2016, inclusive (the “Class Period”). Investors who wish to
become proactively involved in the litigation have until October
14, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in SolarCity securities during the Class Period. Members
of the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. No class has yet been certified in
the above action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the demand for the
Company’s products was weakening.
According to the complaint, following an October 29, 2015
quarterly investor letter announcing that it was lowering its full
year 2015 guidance and its target growth rate for fiscal year 2016,
a February 9, 2016 quarterly investor letter announcing that the
Company fell short of its previously issued installation guidance,
and a February 10, 2016 announcement that the Company’s cumulative
energy contracts quarter-to-quarter growth and cumulative customer
quarter-to-quarter growth fell far below the previously reported
trend, the value of SolarCity shares declined significantly.
If you have suffered a loss in excess of $100,000 from
investment in SolarCity securities purchased on or after May 5,
2015 and held through the revelation of negative information during
and/or at the end of the Class Period and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20160922006355/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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