According to the Complaint, Vivint Solar, Inc. offers solar energy systems to residential customers through a direct-to-home sales model.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company engaged in fraudulent practices, including forging customer contracts; (2) that, as a result, the Company’s reported sales and megawatts installed were overstated; (3) that these practices were reasonably likely to lead to regulatory scrutiny: (4) that, as a result, the Company’s earnings would be materially and adversely impacted; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On March 23, 2020, the Court issued an Order consolidating cases and appointing Co-Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 19-CV-05777. Co-Lead Plaintiffs filed a consolidated Complaint on June 29. On December 30, this case was transferred to the District Court of Utah.

On June 2, 2021, the parties notified the Court that they had agreed on the terms of a Settlement. The parties entered into a Stipulation and Agreement of Settlement on November 4. The Court granted preliminary approval of the Settlement on November 30. On May 9, 2022, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On February 8, 2023, the Court issued an Order authorizing distribution of the net Settlement fund.

On January 29, 2024, the Court issued an Order authorizing distribution of the Settlement fund's balance to the cy pres recipient.