NEW YORK, Sept. 9, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of SolarCity Corporation ("SolarCity" or the "Company") (NasdaqGS: SCTY) (CUSIP: 83416T100). Investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether SolarCity and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 10, 2016, the Company filed its Annual Report on Form 10-K for fiscal year 2015. Therein, the Company disclosed that it would no longer report its Nominal Contracted Payments metric. SolarCity also reported cumulative energy contracts quarter-to-quarter growth and cumulative customer quarter-to-quarter growth that fell far below the previously reported trend.
On this news, the Company's stock price fell $7.72 per share, or 29%, to close at $18.63 on February 10, 2016, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP