WILMINGTON, Del., Sept. 14, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of Vivint Solar, Inc. (“Vivint” or the “Company”) (NYSE: VSLR) common stock in connection with the proposed acquisition of Vivint by Sunrun Inc. (“Sunrun”) and Viking Merger Sub, Inc. (“Merger Sub”) announced on July 6, 2020 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Vivint, its Board of Directors (the “Board”), Sunrun, and Merger Sub, is captioned Wolf v. Vivint Solar, Inc., Case No. 1:20-cv-01111 (D. Del.).
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On July 6, 2020, Vivint entered into an agreement and plan of merger (the “Merger Agreement”) with Sunrun and Merger Sub. Pursuant to the terms of the Merger Agreement, Vivint’s shareholders will receive 0.55 of a share of Sunrun per share (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Registration Statement omits material information with respect to, among other things, the Company’s and Sunrun’s financial projections and the analyses performed by Vivint’s financial advisors. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Vivint common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than November 13, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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