A lawsuit was filed on behalf of investors in Vivint Solar Inc (NYSE:VSLR) shares over alleged securities laws violations. Deadline: July 5, 2016. NYSE:VSLR investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/11/2016 -- An investor, who purchased shares of Vivint Solar Inc (NYSE:VSLR), filed a lawsuit in Missouri against certain officers of SunEdison Inc over alleged Securities Laws violations in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Vivint Solar Inc (NYSE:VSLR) have certain options and for certain investors are short and strict deadlines running. Deadline: July 5, 2016. NYSE:VSLR investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of purchasers of Vivint Solar Inc (NYSE:VSLR) common shares between July 20, 2015 and March 7, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 20, 2015 and March 7, 2016 Defendants made allegedly false and/or misleading statements and/or failed to disclose that SunEdison would be unable to obtain financing for the acquisition of Vivint, that SunEdison's liquidity was less than Defendants had stated, that SunEdison would not be able to complete the acquisition of Vivint, and that as a result, Defendants' statements about the merger between SunEdison and Vivint were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 20, 2015, SunEdison, Inc. (NYSE: SUNE), Vivint Solar (NYSE: VSLR) and TerraForm Power, Inc. (together with its subsidiaries, TerraForm Power) (Nasdaq: TERP), announced that SunEdison and Vivint Solar have signed a definitive merger agreement pursuant to which SunEdison will acquire Vivint Solar for approximately $2.2 billion, payable in a combination of cash, shares of SunEdison common stock and SunEdison convertible notes. Under the merger agreement, Vivint Solar stockholders will receive $16.50 per share, consisting of $9.89 per share in cash, $3.31 per share in SunEdison stock, and $3.30 per share in SunEdison convertible notes.
Vivint Solar's stock price increased $4.87, an increase of approximately 44.8%, to close at $15.75.
On February 24, 2016, at the Company's special shareholders meeting, Vivint Solar shareholders voted to approve the merger with SunEdison, Inc.
On February 29, 2016, after the market closed, SunEdison, Inc filed a Notification of Late Filing on Form 12b-25 with the SEC, disclosing that the Company would be unable to timely 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, Inc executives had made allegations concerning the accuracy of SunEdison's financial position.
Shares of Vivint Solar (NYSE: VSLR) fell $1.37 per share or over 17% from the stock's previous closing price to close at $6.52 per share on March 1, 2016.
On March 2, 2016, an article was published "SunEdison's Takeover of Vivint Solar in Jeopardy as Banks Balk" stating that the Vivint-SunEdison merger was in jeopardy.
Shares of Vivint Solar (NYSE: VSLR) fell $1.63 per share or 25% from the stock's previous closing price to close at $4.89 per share on March 2, 2016.
On March 8, 2016, Vivint Solar announced that it was terminating the Merger Agreement. Also on March 8, 2016, Vivint Solar (NYSE: VSLR) filed a lawsuit against SunEdison in Delaware Chancery Court alleging breach of contract.
Shares of Vivint Solar (NYSE: VSLR) fell $1.04 per share or approximately 20% from the stock's previous closing price to close at $5.21 per share on March 7, 2016, damaging investors.
On April 21, 2016, SunEdison, Inc. filed for Chapter 11 bankruptcy protection.
Those who purchased shares of Vivint Solar Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego