SolarCity Sued by Shareholders Over Merger Bid - (via NewsPoints Desk)
August 31, 2016
Tags: NewsPoints SolarCity Tesla United States Corporate Affairs Mergers &
Acquisitions
A group of SolarCity Corp. shareholders, filed a lawsuit in Delaware Chancery Court attempting
to block the purchase of the company by its parent company Tesla.
The lawsuit alleges that Lazard, the company's financial advisor, made material
mistakes in its valuation analysis that caused shareholders to obtain a lower price
for their shares. Indeed, Lazard admitted that it its discounted cash flow analysis
was inaccurate and provided a lower valuation threshold thereby providing Tesla the opportunity
to provide a lower merger price.
SolarCity did not immediately respond to requests for a comment.
To contact the law firm handling the matter on behalf of shareholders of
SolarCity for more information call toll free 800.511.7037 or contact@tripplevy.com
Shareholders have until September 2, 2016 to notify law firm
