SAN DIEGO, April 7, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of SolarCity Corp (SCTY) common stock over alleged violations of Federal Securities Laws by SolarCity Corp in connection with certain allegedly false and misleading statements.
If you purchased a significant amount of shares of SolarCity Corp (SCTY) between March 6, 2013 and March 18, 2014, and/or if you purchased SCTY shares in March 2013 or earlier and currently hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. SCTY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that that the defendants made allegedly false and/or misleading statements and/or failed to disclose that SolarCity Corp lacked adequate controls over financial reporting, that SolarCity Corp misclassified its reported expenses, that SolarCity Corp's prior financial statements required restatement, and that as a result of the above, SolarCity Corp's financial statements were materially false and misleading at all relevant times.
On March 3, 2014, SolarCity Corp announced a delay in the filing of its Annual Report for the fiscal year ended December 31, 2013 and the expected restatement of its 2012 consolidated financial statements. Then on March 18, 2014, SolarCity Corp provided more information regarding its restatement. That same day, SolarCity Corp informed investors that its prior financial statements for the annual periods ended December 31, 2010, 2011 and 2012 should no longer be relied upon.
The plaintiff seeks to recover damages on behalf of all purchasers of SolarCity Corp publicly traded securities between March 6, 2013 and March 18, 2014.
Those who purchased shares of SolarCity Corp have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.