Safirstein Metcalf LLP Announces That A Class Action Lawsuit Has Been Filed Against Sunrun Inc.  - RUN

NEW YORK, May 23, 2017 -- Safirstein Metcalf LLP  announces that a class action lawsuit has been filed against Sunrun Inc. (“Sunrun” or the “Company”) (NASDAQ:RUN) and certain of its officers. The class action, filed in United States District Court, Northern District of California, is on behalf of a class consisting of investors who purchased or otherwise acquired Sunrun securities between September 10, 2015 and May 3, 2017 (“Class Period”).

If you purchased or acquired Sunrun securities during the Class Period, and would like more information about getting involved in the Sunrun Shareholder Class Action, please call 1-800-221-0015, or email [email protected].  If you wish to serve as lead plaintiff, you must move the Court no later than July 3, 2017.

A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative 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.

Sunrun Inc. engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. The Company markets and sells its products through direct channels, partner channels, mass media, digital media, canvassing, referral, retail, and field marketing.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) Sunrun failed to adequately disclose how many customers canceled contracts after signing up for the Company’s home-solar energy system; (ii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny and potential civil sanctions; and (iii) as a result, Sunrun’s public statements were materially false and misleading at all relevant times.

On May 3, 2017, The Wall Street Journal published an article entitled “SEC Probes Solar Companies Over Disclosure of Customer Cancellations,” reporting that the Company was the subject of a probe initiated by the SEC.  The Wall Street Journal reported that, according to a person familiar with the investigation, “[t]he SEC recently issued a subpoena to Sunrun and interviewed current and former employees about the adequacy of its disclosures on account cancellations.”

On this news, Sunrun’s share price fell $0.46, or 8.83%, to close at 4.75 on May 3, 2017.

On May 22, 2017, the Wall Street Journal reported that former managers of Sunrun said that they manipulated a key sales metric around the time of the company’s August 2015 initial public offering.  The former managers of Sunrun Inc. said that they were told by their superiors to hold off on internally reporting hundreds of customers who canceled their contracts during a roughly five-month period in the middle of 2015.

About Safirstein Metcalf LLP

Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection.  All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.

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Safirstein Metcalf LLP
Peter Safirstein, Esq.
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New York, NY  10001
1-800-221-0015