Levi & Korsinsky commenced an investigation SolarCity Corporation (“SolarCity” or the “Company”) (NasdaqGS: SCTY) for possible violations of federal securities laws.
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On March 3, 2014, the Company announced in a regulatory filing that certain financial statements should no longer be relied upon as a result of an error in the allocation of overhead expenses. The effected financial statements included 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 that fiscal year, 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. As a result of the error, the Company noted it would 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.
If you own SolarCity stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/solarcity-scty.Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.