Law Offices of Howard G. Smith reminds investors that all purchasers of the securities of SolarCity Corporation (“SolarCity” or the “Company”) (NASDAQ:SCTY) between March 6, 2013 and March 18, 2014, inclusive (the “Class Period”), have until May 27, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
SolarCity designs, installs and sells or leases solar energy systems in the United States to government entities and residential and commercial customers. The Company operates in two primary segments: Operating Leases and Solar Energy Systems Sales. The Complaint alleges that throughout the Class Period defendants incorrectly accounted for expenses associated with the Company’s larger Sales segment, and failed to properly allocate such expenses between the Sales and Leasing segments. The Complaint further alleges that the Company was under pressure from investors to demonstrate the strength of its solar energy operations, and improperly allocated expenses between its two reporting segments in order to hide the Sales segment’s ballooning expenses, thereby inflating the segment’s reported gross margins.
If you purchased SolarCity securities during the Class Period, you may move the Court no later than May 27, 2014, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.