Shareholder rights law firm Johnson & Weaver, LLP reminds investors that they have until January 20, 2015 to file a motion seeking to be appointed lead plaintiff against Vivint Solar, Inc. (NYSE:VSLR). Johnson & Weaver is the firm that filed the initial class action complaint alleging violations of federal securities laws against Vivint Solar, Inc. and certain of its officers and directors. If you purchased Vivint Solar common stock securities between October 1, 2014 (the date of Vivint's "IPO") and November 10, 2014 (the "Class Period"), we encourage you to contact our firm. The case is pending in the United States District Court for the Southern District of New York. Additional Information about the Lawsuit: Vivint Solar provides distributed solar energy to residential customers. It installs and owns solar energy systems through long-term customer contracts. The complaint charges certain Vivint Solar's officers and directors, its controlling shareholder and the underwriters of its IPO with violations of the Securities Act of 1933. On or about September 30, 2014, Vivint Solar and the underwriters priced the IPO, and on October 1, 2014 filed the final Prospectus, which forms part of the Registration Statement for the IPO, with the SEC. The IPO was successful for Vivint Solar and the underwriters, with the Company issuing and selling 20.6 million new shares of Vivint Solar common stock to the public at $16 per share, raising approximately $329.6 million in gross proceeds. The complaint alleges that the Registration Statement for the IPO was negligently prepared and, as a result, contained untrue statements or omitted necessary material facts which misled investors. According to the complaint, under the rules and regulations governing the preparation of the Registration Statement, Vivint Solar was required to disclose at the time of the IPO that ownership trends in the residential solar industry had changed from long-term leasing to financing, that demand for long-term leases had declined, and that growth in the Company's operating expenses in the third quarter of 2014 had significantly outstripped growth in revenue, resulting in much weaker sales trends and significantly larger net losses than the market had been led to expect. The Registration Statement contained no such disclosures. Vivint Solar common stock currently trades at below $11 per share, a more than 32% decline from the IPO price.
Plaintiff seeks to recover damages on behalf of all purchasers of Vivint Solar common stock during the Class Period. If you wish to serve as a lead plaintiff, you must move the Court no later than January 15, 2014. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action, have any questions concerning this notice, or your rights or interests, please contact lead analyst Jim Baker ( firstname.lastname@example.org ) at 619-814-4471. If you email, please include your phone number.Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.