A New York law firm has reminded Vivint Solar shareholders left nursing a hefty loss on the companys IPO price they have until January 20 to join a class action suit against the company.
Residential solar leasing company Vivint, based in Lehi, Utah, made its New York stock market debut on October 1 with an IPO price of $18.71.
The shares, trading at $7.90 today (Friday), tumbled after an unexpectedly disappointing set of Q3 results were announced on November 10, leading the Rosen Law Firm to file a class action lawsuit for which new complainants can join as lead plaintiffs until next month’s deadline.
The Rosen action, according to an article run by the Globe Newswire yesterday, concerns damage to shareholders who saw the company’s stock lose 66c per share on the Q3 figures, far worse than the 20c-per-share loss predicted by analysts.
Robbins Arroyo LLP has already filed a federal securities fraud class action against Vivint in the U.S. district court for the southern district of New York, claiming Vivint failed to warn in the registration statement for its planned IPO it was reliant on a long-term leasing model in sharp decline and would report higher net loss earnings for Q3 on the back of operating expenses unmatched by revenue growth.