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Vivint Solar is a U.S solar installation company headquartered in Lehi, Utah. It is a publicly-traded company operating in 21 states. The company provides distributed solar energy primarily to residential customers.
The residential installer is disputing some allegations which are part of the reason its stock tumbled by 5.8 percent on sept. 27th, and most of the week.
In Los Angeles Glancy Prongay & Murray LLP, in Pensylvania Law Offices of Howard G. Smith, and in New York Bragar Eagel & Squire, P.C. all opended investigations on behalf of Vivint Solar investors.
The investigations concern the Company and its officers’ possible violations of federal securities laws.
Announcement of the investigations mention a report published by short-seller Marcus Aurelius Value alleging that the company has “largely concealed” lawsuits against it.
Adding that the “lawsuits concerned fraud involving alleged forged customer contracts.”
This news affected Vivint Solar’s stock as it dropped last week following the announcement.
A Vivint spokeswoman addressed the allegations with a statement to TheStreet, saying “Marcus Aurelius Value is wrong about Vivint Solar.”
“We maintain robust internal compliance systems and continually educate our employees and contractors on compliance with our legal and regulatory obligations, as well as how to conduct business in accordance with our policies and value,” the spokesperson said.
In denying the claims, the spokesperson chose to focus on mentioning the company’s collaborativeness with regulators, and how they “review and improve” their training and procedures.
We are following this story and will update as more information comes in.
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