NEW YORK, March 3, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of SolarCity Corporation ("SolarCity" or the "Company") (NasdaqGS: SCTY) (CUSIP: 83416T100) Investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 237.
The investigation concerns whether SolarCity and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 3, 2014, the Company announced in a Securities and Exchange Commission ("SEC") Form 8-K filing that "On February 27, 2014, the board of directors of SolarCity and management of the Company concluded, after discussion with SolarCity's independent registered public accounting firm, Ernst & Young LLP, that the consolidated financial statements as of December 31, 2012 and for the year then ended included in SolarCity's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and the consolidated financial statements included in the Quarterly Reports on Forms 10-Q for the periods ended March 31, 2012, June 30, 2012, September 30, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, should no longer be relied upon as a result of an error in the allocation of overhead expenses. As a result, SolarCity will recognize a downward adjustment of assets related to solar energy systems leased and to be leased and an upward adjustment to the costs of solar energy system sales in the periods mentioned above."
On this news, shares of SolarCity fell $2.18 to $82.77, or more than 2.57%, on unusually heavy trading volume, on March 3, 2014.The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.