Case Page

 

Case Status:    DISMISSED    
On or around 07/13/2017 (Other)

Filing Date: November 21, 2014

According to the law firm press release, on or about September 30, 2014, Vivint and the underwriters priced the IPO, and on October 1, 2014 filed the final Prospectus, which forms part of the Registration Statement for the IPO (collectively, the "Registration Statement"), with the Securities and Exchange Commission ("SEC"). The IPO was successful for the Company and the underwriters, with Vivint issuing and selling 20.6 million new shares of Vivint common stock to the public at $16 per share, raising approximately $329.6 million in gross proceeds.

The complaint alleges that the Registration Statement for the IPO was negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading. Under the rules and regulations governing the preparation of the Registration Statement, Vivint was required to disclose at the time of the IPO that ownership trends in the residential solar industry had changed from long-term leasing to financing, that demand for long-term leases had declined, and that growth in the Company's operating expenses in the third quarter of 2014 had significantly outstripped growth in revenue, resulting in much weaker sales trends and significantly larger net losses than the market had been led to expect. The Registration Statement contained no such disclosures.

On this news of Vivint's disappointing third quarter results, shares of Vivint fell $4.58 per share, or approximately 28.62%, from the IPO price to close at $11.42 per share on November 11, 2014.

On December 10, 2015, the Court issued an Order dismissing this case with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VSLR
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 14-CV-09283
JUDGE: Hon. Katherine B. Forrest
DATE FILED: 11/21/2014
CLASS PERIOD START: 10/01/2014
CLASS PERIOD END: 11/21/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-09283
JUDGE: Hon. Katherine B. Forrest
DATE FILED: 04/06/2015
CLASS PERIOD START: 10/01/2014
CLASS PERIOD END: 11/21/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky, LLP
    30 Broad Street, 15 1h Floor, Levi & Korsinsky, LLP, NY 10004
    212.363.7500 212.363-7171 ·
No Document Title Filing Date
No Document Title Filing Date