LOS ANGELES--(BUSINESS WIRE)--The Wagner Firm announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the “Class”) consisting of persons and entities that acquired SolarCity Corporation (“SolarCity” or the “Company”) (NASDAQ: SCTY) securities between May 5, 2015, and February 9, 2016.
If you are a member of the Class described above, you may move the Court no later than 60 days from the date of this notice to serve as lead plaintiff.
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.
To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Avi Wagner, Esquire, of The Wagner Firm, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 491-7949, by e-mail to info@thewagnerfirm.com, or visit the website at www.thewagnerfirm.com.
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