A lawsuit was filed on behalf of investors in Sunlight Financial Holdings Inc. (NYSE:SUNL) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/19/2023 -- An investor, who purchased shares of Sunlight Financial Holdings Inc. (NYSE: SUNL), filed a lawsuit against Sunlight Financial Holdings Inc. f.k.a Spartan Acquisition Corp. II over alleged violations of Federal Securities Laws.
Investors who purchased shares of Sunlight Financial Holdings Inc. (NYSE: SUNL) have certain options and for certain investors are short and strict deadlines running. Deadline: February 14, 2023. NYSE: SUNL investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Charlotte, NC based Sunlight Financial Holdings Inc. operates a business-to-business-to-consumer technology-enabled point-of-sale financing platform in the United States.
On September 28, 2022, Sunlight Financial Holdings Inc. issued a press release "announc[ing] that an installer liquidity event and volatile interest rates will impact its full-year 2022 financial performance" and that "[a]s a result, the Company is withdrawing its previously-provided full-year 2022 outlook metrics." Sunlight stated that "[o]ne of Sunlight's largest solar installers has notified the Company that due to cash flow challenges, the installer is in the process of winding down its operations, likely restricting its ability to fully meet its financial obligations. As a result, Sunlight expects to impair $30 to $33 million in advances to that installer on the Company's balance sheet as of September 30, 2022."
The plaintiff claims that between January 25, 2021 and September 28, 2022, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective underwriting and risk evaluation with respect to its contractor advance program; (2) Sunlight lacked the oversight and periodic monitoring systems necessary to timely detect bad debt associated with its contractor advance program; (3) the Company lacked effective internal controls over accounting and reporting of non-cash advance receivables; (4) as a result, the Company would be forced to take a non-cash advance receivables impairment charge exceeding $30 million; and (5) as a result, defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
Those who purchased shares of Sunlight Financial Holdings Inc. (NYSE: SUNL) have certain options and should contact the Shareholders Foundation.
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