WAYNE, Pa., April 26, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in Superior Court of the State of California on behalf of all persons or entities that purchased Sunrun Inc. (NASDAQ: RUN) ("Sunrun" or the "Company") since the Company's August 5, 2015 initial public offering ("IPO").
Sunrun shareholders may move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Sunrun and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/run.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
The Complaint alleges that offering documents filed in connection with the IPO contained materially false and misleading statements and omissions, including that: (1) Sunrun understated its actual historical operating costs by not identifying and disclosing the fixed grid costs being borne for it by public utilities where net metering programs were being employed; (2) Sunrun had been charging well above wholesale rates for the electricity it was selling to its net metering customers; (3) contrary to having listed customers dispersed across 15 states and the District of Columbia in its Registration Statement, Sunrun had a substantial 20% customer concentration in Nevada alone; (4) Sunrun's ability to continue convincing customers to sign 20-year contracts was in jeopardy due to the ongoing regulatory review of net metering programs; and (5) Sunrun was employing an unreasonably low discount rate of 6% in calculating the value of its retained assets when it was overstating the value.
Once news that Sunrun's growth relied on multifaceted debt arrangements and investors realized it was unlikely to withstand its revenues forecast leading up to the IPO, Sunrun stock dropped $4.96 per share and closed at $7.15 per share on April 14, 2016.
If you are a member of the class, you may request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/run. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE Ryan & Maniskas, LLP