NEW YORK, Oct. 03, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Sunlight Financial Holdings Inc. (“Sunlight” or the “Company”) (NYSE: SUNL). Those investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, extension 7980.
The investigation concerns whether Sunlight and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
On September 28, 2022, Sunlight issued a press release announc[ing] that an installer liquidity event and volatile interest rates will affect its financial performance for full year 2022″ and that “[a]As a result, the company is withdrawing its previously provided full-year 2022 guidance metrics.” Sunlight stated that “[o]One of Sunlight’s largest solar installers has informed the company that the installer is in the process of ceasing operations due to cash flow issues, likely limiting its ability to fully meet its financial obligations. As a result, Sunlight expects to recognize an impairment of $30 million to $33 million in advance payments made to this installer on the Company’s September 30, 2022 balance sheet.”
As a result of this news, Sunlight’s stock price fell $1.44 per share, or 57.14%, to close at $1.08 per share on September 29, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The law firm has filed numerous multimillion-dollar claims for damages related to…
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