NY-based law firm investigates Vivint Solar
Apr 8, 2016 14:44 CEST
April 8 – New York-based law firm Bronstein, Gewirtz & Grossman LLC is investigating Vivint Solar (NYSE:VSLR) on behalf of entities that bought shares in the residential solar firm between July 20, 2015 and March 7, 2016.
The potential claims being investigated come subsequent to allegations that SunEdison Inc (NYSE:SUNE) may have issued materially misleading information to the investing public as regards to the planned merger with Vivint Solar. The deal’s recent termination has resulted in a drop in Vivint’s share price, thus hurting investors, the law firm noted.
On July 20, 2015, SunEdison it would acquire Vivint Solar in a cash-and-stock transaction then valued at USD 2.2 billion (EUR .19bn). The terms were amended a bit later, reducing the value. In February 2016 Vivint’s stockholders approved the transaction but several weeks later, on March 8, the target company terminated the deal, saying SunEdison had failed to meet its obligations.
Vivint also filed a lawsuit against SunEdison and others. “SunEdison has willfully breached its obligations under the merger agreement and we intend to pursue Vivint Solar’s remedies vigorously,” Vivint said at the time.
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