RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Sunlight Financial Holdings Inc. ("Sunlight" or the "Company") (NYSE: SUNL) securities during the period from January 25, 2021 through September 28, 2022, inclusive (the “Class Period”).
Sunlight shareholders may, no later than February 14, 2023, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Sunlight and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
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.
If you are a member of the class, you may, no later than February 14, 2023, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.