Shareholder Alert: Robbins LLP Informs Investors of Class Action Against Sunlight Financial Holdings Inc. (SUNL) f/k/a Spartan Acquisition Holdings Inc. (SPRQ)
SAN DIEGO--(BUSINESS WIRE)--Dec 22, 2022--
The Class: Robbins LLP informs investors that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired Sunlight Financial Holdings Inc. (NYSE: SUNL) securities between January 25, 2021 and September 28, 2022, for violations of the Securities Exchange Act of 1934. Sunlight claims to be a business-to-business-to-consumer point-of-sale (“POS”) financial platform that provides residential solar and home improvement contractors the ability to offer seamless POS financing to their customers.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Sunlight. Shareholders who want to act as lead plaintiff for the class must file their papers by February 14, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
What is this Case About: Sunlight Financial Holdings Inc. (SUNL) Lacked Effective Internal Controls Over Accounting and Reporting of Non-Cash Advance Receivables
According to the complaint, Sunlight became a publicly traded company in July 2021 via business combination with Spartan Acquisition Corp. II. On September 28, 2022, Sunlight disclosed that it would record a “non-cash advance receivables impairment charge of $30 million to $33 million during the Company’s fiscal quarter ending September 30, 2022.” The same day, the Company issued a press release withdrawing its full-year 2022 outlook as a result. On this news, the Company’s stock price fell $1.44 per share, or over 57%, to close at $1.08 per share on September 29, 2022.
During the class period, defendants failed to disclose that the Company lacked: (1) effective underwriting and risk evaluation with respect to its contractor advance program; (2) the oversight and periodic monitoring systems necessary to timely detect bad debt associated with its contractor advance program; and (3) effective internal controls over accounting and reporting of non-cash advance receivables.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Sunlight Financial Holdings Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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CONTACT: Aaron Dumas
5060 Shoreham Pl., Ste. 300
San Diego, CA 92122
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins LLP
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PUB: 12/22/2022 04:28 PM/DISC: 12/22/2022 04:28 PM