Vivint Solar Inc (NYSE: VSLR) Investor Securities Class Action Lawsuit 05/03/2016

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Company Name(s): 
Vivint Solar
Case Name: 
Vivint Solar Shareholder Class Action Lawsuit 05/03/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: VSLR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/03/2016
Class Period Begin: 
07/20/2015
Class Period End: 
04/01/2016
Court of Filing: 
U.S. District Court for the Eastern District of Missouri
Deadline To File for Lead: 
07/05/2016
Date Settled: 
09/14/2017
Settlement Amount: 
$2,100,000
Deadline to Participate in Settlement: 
01/05/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

September 14, 2017 - The court preliminarily approved the settlement.

September 8, 2017 - Parties filed a stipulation of settlement.

June 9, 2017 - Defendants filed a motion to dismiss.

March 31, 2017 - The lead plaintiff filed a second amended complaint.

February 6, 2017 - Defendants filed a motion to dismiss.

January 16, 2017 - The lead plaintiff filed an amended complaint.

December 21, 2016 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 5, 2016 - The case was transferred to the U.S. District Court for the Southern District of New York.

May 3, 2016 - An investor in shares of Vivint Solar Inc (NYSE: VSLR) filed a lawsuit in the U.S. District Court for the Eastern District of Missouri against certain officers of SunEdison Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 20, 2015 and March 7, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Vivint Solar Inc (NYSE: VSLR) common shares between July 20, 2015 and March 7, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 20, 2015 and March 7, 2016 defendants made allegedly false and/or misleading statements and/or failed to disclose that SunEdison Inc would be unable to obtain financing for the acquisition of Vivint Solar Inc, that SunEdison Inc's liquidity was less than defendants had stated, that SunEdison Inc would not be able to complete the acquisition of Vivint Solar Inc, and that as a result, defendants' statements about the merger between SunEdison Inc and Vivint Solar Inc were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On July 20, 2015, SunEdison Inc (NYSE: SUNE), Vivint Solar Inc (NYSE: VSLR) and TerraForm Power Inc (together with its subsidiaries, TerraForm Power) (Nasdaq: TERP), announced that SunEdison Inc and Vivint Solar Inc have signed a definitive merger agreement pursuant to which SunEdison Inc will acquire Vivint Solar Inc for approximately $2.2 billion, payable in a combination of cash, shares of SunEdison Inc common stock and SunEdison Inc convertible notes. Under the merger agreement, Vivint Solar Inc stockholders will receive $16.50 per share, consisting of $9.89 per share in cash, $3.31 per share in SunEdison Inc stock, and $3.30 per share in SunEdison Inc convertible notes.

Vivint Solar Inc'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 Solar Inc shareholders voted to approve the merger with SunEdison Inc.

On February 29, 2016, after the market closed, SunEdison Inc 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 included information that in late 2015, former SunEdison Inc executives had made allegations concerning the accuracy of SunEdison Inc's financial position.

Shares of Vivint Solar Inc (NYSE: VSLR) fell $1.37 per share or over 17% from the stock's previous closing price to close at $6.52 per share on March 1, 2016.

On March 2, 2016, an article was published "SunEdison's Takeover of Vivint Solar Inc in Jeopardy as Banks Balk" stating that the Vivint-SunEdison merger was in jeopardy.

Shares of Vivint Solar Inc (NYSE: VSLR) fell $1.63 per share or 25% from the stock's previous closing price to close at $4.89 per share on March 2, 2016.

On March 8, 2016, Vivint Solar Inc announced that it was terminating the Merger Agreement. Also on March 8, 2016, Vivint Solar Inc (NYSE: VSLR) filed a lawsuit against SunEdison Inc in Delaware Chancery Court alleging breach of contract.

Shares of Vivint Solar Inc (NYSE: VSLR) fell $1.04 per share or approximately 20% from the stock's previous closing price to close at $5.21 per share on March 7, 2016, damaging investors.

On April 21, 2016, SunEdison Inc filed for Chapter 11 bankruptcy protection.