NEW YORK, April 25, 2014 /PRNewswire/ -- Pomerantz LLP has filed a class action lawsuit against SolarCity Corporation ("SolarCity" or the "Company") (NASDAQ: SCTY) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 3:14-cv-01435, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired SolarCity securities between March 6, 2013 and March 18, 2014, both dates inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased SolarCity securities during the Class Period, you have until May 27, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
SolarCity purports to sell renewable energy to its customers at prices below utility rates, primarily through the leasing or sale of solar energy systems.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked adequate controls over financial reporting; (ii) the Company misclassified its reported expenses; (iii) the Company's prior financial statements required restatement; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.