A law firm is looking into shareholders' claims regarding potential securities law violations against a solar energy product company. There is a potential that this could become a class action claim.
Pomerantz, LLP, noted that it began investigating SolarCity Corporation, after the company's shareholders had concerns that the board of directors and other officers may have violated the Securities Exchange Act of 1934, specifically Sections 10(b) and 20(a).
SolarCity filed a Form 8-K with the Securities Exchange Commission on March 3, 2014, and noted that there was an error in its financial reports for the fiscal year ending Dec. 31, 2012, as well as the quarterly reports during that year, and the first three quarters of 2013. This was found after speaking to Ernst and Young, LLP, its independent accounting firm. The company then noted it would make downward alterations to its assets for its solar energy systems, as well as other adjustments.
When this information surfaced to shareholders on March 3, 2014, the company's stock dropped 2.57 percent, or $2.18, to $82.77 per share.
It is possible for shareholders to talk with the law office about these matters and how it may affect them. Robert Willoughby is the best person to speak with, and he can be reached by telephone or email. The law firm also has further information on its website.
Second investigation commences
Another law office explained that it will seek answers to the questions brought up by SolarCity's shareholders. Like the aforementioned situation, this also may result in a securities class action claim.
Law firm Bronstein, Gewirtz and Grossman, LLC, noted it will investigate SolarCity's board of directors for many of the same reasons. This office's measurement had the company's stock fall slightly more than 2 percent, or $1.71 to $83.25 per share after the regulatory filing was announced by the board of directors.
It is possible to learn more about the investigation from the law office, and those people are urged to speak with its representatives in order to gain that information. Meanwhile, any shareholders who have anything that can help facilitate this case should speak with the firm, as well. Peretz Bronstein and Eitan Kimelman are available to field questions, and they can be contacted by telephone or email. It is important for those who plan to email the law office to leave their telephone number and email address.