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SAN FRANCISCO, Oct. 07, 2019 (GLOBE NEWSWIRE) -- Hagens Berman reminds Vivint Solar, Inc. (NYSE: VSLR) investors of the firm’s investigation of possible violations of federal securities laws.
Vivint Solar, Inc. (VSLR) Investigation:
The investigation centers on whether Vivint Solar concealed its involvement “in a nationwide fraud involving forged customer contracts.”
On September 27, 2019 Marcus Aurelius Value published a scathing report on Vivint Solar, accusing the company of concealing a growing pattern of undisclosed lawsuits alleging that the company defrauded its most vulnerable customers, including the elderly, handicapped and non-English speaking families, by “forg[ing] the signatures of homeowners, complete strangers, relatives, neighbors and even a dead person onto sham solar contracts.”
The report states that Vivint’s “alleged misdeeds have been deployed to mask weakness in the underlying business, especially considering that Vivint has missed revenue estimates in four of the last five quarters.”
In response, the price of Vivint shares sharply fell during intraday trading on September 27, 2019.
“We’re focused on investors’ losses and whether Vivint has boosted sales through outright fraud and forgery to close deals,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Vivint Solar should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email VSLR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000