NEW YORK, Aug. 18, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed in the United States District Court for the Northern District of California against SolarCity Corporation ("SolarCity" or the "Company") (NASDAQ: SCTY) and certain of its officers. The class action is on behalf of a class consisting of all persons or entities who purchased SolarCity securities between May 5, 2015 through February 9, 2016, inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
On October 29, 2015, SolarCity revealed that it was lowering its full year 2015 guidance. Following this news, SolarCity dropped $8.42 per share, or 22%, to close at $29.65 on October 30, 2015. Then, on February 9, 2016 SolarCity also said that it did not meet its previously issued fiscal year 2015 installation guidance. Following this news, SolarCity dropped $7.72 per share, or 29%, to close at $18.63 on February 10, 2016.
The complaint that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the market demand for SolarCity's products was diminishing; (2) that SolarCity was hiding this information form the investing public; and (3) consequently, Defendants' statements about SolarCity's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/scty or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in SolarCity you have until October 14, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
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