Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Vivint Solar, Inc. (VSLR)

/EIN News/ -- NEW YORK, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Vivint Solar, Inc. (“Vivint” or the “Company”) (NYSE: VSLR) in the United States District Court for the Eastern District of New York on behalf of those who purchased or acquired the securities of Vivint between March 5, 2019 through September 26, 2019 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company engaged in fraudulent practices, including forging customer contracts; (2) as a result, the Company’s reported sales and megawatts installed were overstated; (3) these practices were reasonably likely to lead to regulatory scrutiny: (4) as a result, the Company’s earnings would be materially and adversely impacted; and (5) as a result, Vivint’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the December 11, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.