SAN FRANCISCO, May 24, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Sunrun Inc. (NASDAQ:RUN) of the July 3, 2017 Lead Plaintiff deadline in the pending securities class action.
If you purchased or otherwise acquired securities of Sunrun between September 10, 2015 and May 3, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing RUN@hbsslaw.com.
On May 3, 2017, The Wall Street Journal reported that the SEC is investigating whether solar energy companies are masking how many customers they are losing.
More specifically, it reported the SEC is investigating Sunrun disclosures of how many customers have canceled contracts after signing up for a home solar energy system. Moreover, according to the article “[t]he SEC recently issued a subpoena to Sunrun and interviewed current and former employees about the adequacy of its disclosures on account cancellations.”
In response to this news, the price of Sunrun shares fell over 8% on May 3, 2017.
Recently, on May 23, 2017, The Wall Street Journal reported that former managers “say they manipulated a key sales metric around the time of the company’s August 2015 initial public offering” and “[t]he former managers of Sunrun Inc. say they were told by their superiors to hold off on internally reporting hundreds of customers who canceled their contracts during a roughly five-month period in the middle of 2015.”
According to the Journal, “Sunrun’s cancellation data influenced at least two of the company’s key financial metrics: its number of customers and its amount of ‘megawatts booked,’ which describes the amount of energy production generated by home energy systems sold to customers.”
“The customer cancellation rate is an important metric for investors when they consider whether to purchase shares, so Sunrun should be accurate and transparent about that number,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Sunrun should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower 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 RUN@hbsslaw.com.
About Hagens Berman
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