[Click here to join a class action]
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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-solarcity-corporation--scty-300325559.html
SOURCE Pomerantz LLP