LEHI, Utah, March 8, 2016 /PRNewswire/ -- Vivint Solar (NYSE: VSLR) today announced that it commenced an action in the Court of Chancery of the State of Delaware suing SunEdison, Inc. over its willful breach of the merger agreement between Vivint Solar and SunEdison. Among other things, Vivint Solar is seeking damages for the benefits its stockholders expected in connection with the transaction.
Gregory Butterfield, President and CEO of Vivint Solar stated "SunEdison has willfully breached its obligations under the merger agreement and we intend to pursue Vivint Solar's remedies vigorously."
About Vivint Solar
Vivint Solar is a leading provider of distributed solar energy systems – electricity generated by a solar energy system installed at a customer's location – to residential customers in the United States. Vivint Solar's customers pay little to no money upfront, receive significant savings relative to utility generated electricity rates and continue to benefit from guaranteed energy prices over the 20-year term of their contracts. Vivint Solar finances, designs, installs, monitors and services the solar energy systems to make things easy for its customers. For more information, visit www.vivintsolar.com or follow @VivintSolar.
Note on Forward Looking Statements
Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the outcome of the litigation against SunEdison and the company's operations, markets, products, services, prices and other factors as discussed in Vivint Solar's filings with the U.S. Securities and Exchange Commission, or SEC.
Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, political, legal, and regulatory factors. Except as required by law, Vivint Solar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. You should read the documents Vivint Solar has filed with the SEC for more complete information about the company. These documents are available on both the EDGAR section of the SEC's website at www.sec.gov and the Investor Relations section of the company's website at www.vivintsolar.com.
Vice President of Investor Relations
SOURCE Vivint Solar