Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Vivint Solar, Inc. (VSLR)

NEW YORK, May 05, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Vivint Solar, Inc. ("Vivint" or the "Company") VSLR in the United States District Court, Eastern District of Missouri on behalf of purchasers of Vivint common stock between July 20, 2015 and March 7, 2016, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

Vivint is a provider of distributed solar energy, which is electricity generated by a solar energy system installed at a customer's location, including residential, commercial and industrial properties throughout the United States.  In July 2015, SunEdison, Inc. ("SunEdison") and Vivint announced a merger pursuant to which SunEdison would acquire Vivint.  On this announcement, Vivint's stock price increased $4.87, an increase of approximately 44.8%, to close at $15.75.  On February 24, 2016, at the Company's special shareholders meeting, Vivint shareholders voted to approve the merger with SunEdison.

According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (i) SunEdison would be unable to obtain financing for the acquisition of Vivint; (ii) SunEdison's liquidity was less than Defendants had stated; (iii) SunEdison would not be able to complete the acquisition of Vivint; and (iv) as a result, Defendants' statements about the merger between SunEdison and Vivint were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On February 29, 2016, SunEdison filed a Notification of Late Filing on Form 12b-25 with the SEC, disclosing that the Company would be unable to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The Notification of Late Filing revealed that the Board's Audit Committee had recently initiated an investigation concerning the accuracy of the SunEdison's previously anticipated financial position.  After this information became public, Vivint's share price fell from a closing price of $7.89 per share on February 29, 2016 to a closing price of $6.52 on March 1, 2016 —a $1.37 or a 17.4% drop.

If you wish to serve as lead plaintiff, you must move the Court no later than July 5, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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