NEW YORK, June 10, 2016 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Sunrun Inc. securities (NASDAQ:RUN) pursuant to and/or traceable to Sunrun’s August 5, 2015 Initial Public Offering (the “IPO”). The lawsuit seeks to recover damages for Sunrun investors under the federal securities laws.
To join the Sunrun class action, go to the firm’s website at http://www.rosenlegal.com/cases-878.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, the offering documents filed in connection with the IPO contained materially false and misleading statements and omissions, including that: (1) Sunrun understated its actual historical operating costs by not identifying and disclosing the fixed grid costs being borne for it by public utilities where net metering programs were being employed; (2) Sunrun had been charging well above wholesale rates for the electricity it was selling to its net metering customers; (3) contrary to having listed customers dispersed across 15 states and the District of Columbia in its Registration Statement, Sunrun had a substantial 20% customer concentration in Nevada alone; (4) Sunrun’s ability to continue convincing customers to sign 20-year contracts was in jeopardy due to the ongoing regulatory review of net metering programs; (5) Sunrun was overstating its value by employing an unreasonably low discount rate of 6% in calculating the value of it retained assets; and (6) as a result, Sunrun’s business and financial prospects were not what defendants had led the market to believe they were at the time of the IPO. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 5, 2016. If you wish to join the litigation, go to the firm’s website http://www.rosenlegal.com/cases-878.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.