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.
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