Vivint Solar (VSLR, $6.54) rebuts research on undisclosed lawsuits
Vivint Solar refuted a research note that claimed that the solar-power company has been concealing lawsuits.
"This is a deeply misleading report from a self-interested short seller that we vigorously dispute," Vivint told TheStreet in a statement Monday, after Marcus Aurelius Value sent the stock dropping Friday with a research note titled "VSLR: Fiddler on the Roof."
The Marcus Aurelius Value report indicated that Vivint appears to have largely concealed a growing pattern of undisclosed lawsuits, thereby alleging that the company has been involved in a nationwide fraud involving forged customer contracts.The report led to Vivint shares plunging by as much as -12% Friday; shares recovered a bit and ended the day down -2%. The stock resumed its decline Monday morning when they fell as much as -7%, but rebounded to close at $6.54, off 0.2%.