Case Page

 

Case Status:    ONGOING    
On or around 09/25/2017 (Ongoing date of last review)

Filing Date: May 03, 2017

According to the law firm press release, Sunrun Inc. engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. The Company markets and sells its products through direct channels, partner channels, mass media, digital media, canvassing, referral, retail, and field marketing.

Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Sunrun failed to adequately disclose how many customers canceled contracts after signing up for the Company’s home-solar energy system; (ii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny and potential civil sanctions; and (iii) as a result, Sunrun’s public statements were materially false and misleading at all relevant times.

On May 3, 2017, The Wall Street Journal published an article entitled “SEC Probes Solar Companies Over Disclosure of Customer Cancellations,” reporting that the Company was the subject of a probe initiated by the SEC. The Wall Street Journal reported that, according to a person familiar with the investigation, “[t]he SEC recently issued a subpoena to Sunrun and interviewed current and former employees about the adequacy of its disclosures on account cancellations.”

On this news, Sunrun’s share price fell $0.46, or 8.83%, to close at 4.75 on May 3, 2017.

On August 10, 2017, the Court issued an Order Consolidating Cases. The Consolidated Cases shall be identified as: In re Sunrun Inc. Securities Litigation. In the same order, the Court appointed Lead Plaintiffs and Counsel. The Lead Plaintiffs filed an Amended Complaint on September 25.

COMPANY INFORMATION:

Sector: Energy
Industry: Alternative Energy
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: RUN
Company Market: NASDAQ
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: N.D. California
DOCKET #: 17-CV-02537
JUDGE: Hon. Vince Chhabria
DATE FILED: 05/03/2017
CLASS PERIOD START: 09/16/2015
CLASS PERIOD END: 05/02/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 17-CV-02537
JUDGE: Hon. Vince Chhabria
DATE FILED: 09/25/2017
CLASS PERIOD START: 09/16/2015
CLASS PERIOD END: 05/21/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date