Gainey McKenna & Egleston Announces A ClassAction Lawsuit Has Been Filed Against Sunlight Financial Holdings Inc.(f/k/a Spartan Acquisition Corp. II) (SUNL, SPRQ)
NEW YORK, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the securities of Sunlight Financial Holdings Inc. (f/k/a Spartan Acquisition Corp. II) (“Sunlight” or the “Company”) (NYSE: SUNL, SPRQ) between December 13, 2019 and November 14, 2022, both dates inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked effective underwriting and risk evaluation with respect to its contractor advance program; (ii) Sunlight lacked the oversight and periodic monitoring systems necessary to timely detect bad debt associated with its contractor advance program; (iii) the Company lacked effective internal controls over accounting and reporting of non-cash advance receivables; (iv) as a result, the Company would be forced to take a non-cash advance receivables impairment charge exceeding $30 million; and (v) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Sunlight should contact the Firm prior to the February 14, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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