NEW YORK, May 4, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Vivint Solar, Inc. ("Vivint" or the "Company") (NYSE: VSLR), concerning whether the board has breached its fiduciary duties to shareholders.
In July 2015, Vivint announced that it would be acquired by SunEdison Inc. ("SunEdison") in a transaction valued at approximately $2.2 billion. On February 24, 2016, at a special meeting of Vivint stockholders, the merger was approved.
Two weeks later, on February 29, 2016, SunEdison disclosed that it would not be able to timely file its financial statements for the year 2015 due to allegations of bad accounting. Then, on March 8, 2016, Vivint announced that it was terminating the merger agreement with SunEdison and sued SunEdison for breach of contract in Delaware Chancery Court.
Vivint stock is currently trading below $3 per share, compared to the approximately $16.50 per share that Vivint stockholders were to receive in the merger with SunEdison.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Vivint shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP