NEW YORK, May 4, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed against certain officers of SunEdison Inc. ("SunEdison" or the "Company") (NYSE: SUNE) in the United States District Court for the Eastern District of Missouri on behalf of those who purchased shares of Vivint Solar, Inc. ("Vivint Solar" or the "Company") (NYSE: VSLR) during the period between the July 20, 2015 and March 7, 2016, inclusive (the "Class Period").
Vivint Solar, Inc. is an American solar energy company. In July 2015 SunEdison and Vivint announced a merger that SunEdison would acquire Vivint. Following this release, Vivint's stock increased $4.87, or roughly 44.8%, to close at $15.75 per share. On February 24, 2016, at the Vivint's shareholders meeting, investors voted to in favor of the SunEdison merger.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Particularly, Defendants made false and/or misleading statements and/or failed to disclose that: (1) SunEdison would not be able to attain financing for the acquisition of Vivint; (2) SunEdison's earnings were less than Defendants had stated; (3) SunEdison would be unable to complete the acquisition of Vivint; and (4) consequentially, Defendants' statements regarding the SunEdison and Vivint merger were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 29, 2016, post-market, SunEdison filed a Notification of Late Filing on Form 12b-25 with the SEC, unveiling that it would be late to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The Notification of Late Filing included information that in late 2015, former SunEdison executives had made accusations of the truthfulness in SunEdison's financial statements. Following this news, Vivint stock dropped $1.37 per share, or more than 17%, to close at $6.52 per share on March 1, 2016.
On March 2, 2016, The Wall Street Journal printed an article, "SunEdison's Takeover of Vivint Solar in Jeopardy as Banks Balk" explaining how the Vivint-SunEdison merger was at risk.
Following this news, Vivint stock dropped $1.63 per share, or 25%, to close at $4.89 per share on March 2, 2016.
On March 8, 2016, Vivint announced the Merger Agreement was cancelled. On that same day Vivint also filed a lawsuit against SunEdison in Delaware Chancery Court claiming it breached the contract. Following this news, Vivint stock dropped $1.04 per share, or roughly 20%, to close at $5.21 per share on March 7, 2016.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, please visit the firm's site: http://www.bgandg.com/#!vslr/wwxww. You can also contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Vivint Solar you have until July 5, 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@example.com
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