SolarCity Corporation sells and installs solar energy generation systems and services to residential, commercial, and industrial customers in the United States.

According to the law firm press release, on October 29, 2015, SolarCity announced that it was lowering its full year 2015 guidance. On this news, the Company’s stock price fell $8.42 per share, or 22%, to close at $29.65 on October 30, 2015. Then, on February 9, 2016 the Company disclosed that it fell short of its previously issued fiscal year 2015 installation guidance. On this news, the Company’s stock price fell $7.72 per share, or 29%, to close at $18.63 on February 10, 2016, thereby injuring investors.

The Complaint charges SolarCity and certain of its officers with violations of the federal securities laws. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that demand for the Company’s products was weakening; (2) that the Company was concealing the weakening demand from investors; and (3) that, as a result of the foregoing, Defendants’ statements about SolarCity’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On January 25, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on March 20.

On August 11, 2017, the Court issued an Order granting Defendants' Motion to Dismiss with leave to amend. Plaintiffs decided not to amend their Complaint, thus this case was dismissed with prejudice on September 11.