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 - EconoTimes)
NEW YORK, May 04, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Sunrun Inc. (“Sunrun” or the “Company”) (Nasdaq:RUN) in the United States District Court for the Northern District of California on behalf of a class consisting of investors who purchased or otherwise acquired Sunrun stock on the open market from September 16, 2015 through May 2, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges Defendants made false and misleading statements and/or failed to disclose that: (1) Sunrun failed to adequately disclose how many customers canceled contracts after signing up for Sunrun’s home-solar energy system; (2) discovery of such conduct would subject Sunrun to heightened regulatory scrutiny and potential civil sanctions; and (3) as a result, Sunrun’s public statements were materially false and misleading at all relevant times. On May 3, 2017, The Wall Street Journal reported that Sunrun was the subject of a SEC probe and 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, shares of Sunrun fell $0.46 per share or over 8% to close at $4.75 per share on May 3, 2017, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than July 3, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
